-- Increases Revolving Bank Line to $450 Million --
NEW YORK--(BUSINESS WIRE)--
G-III Apparel Group, Ltd. (NasdaqGS: GIII) today announced that it has
entered into a new revolving credit agreement enabling the company to
borrow up to $450 million, an increase from its prior facility that
provided for borrowings of up to $300 million. The five-year syndicated
loan agreement was led by JPMorgan Chase Bank, N.A. with Bank of
America, N.A., HSBC Bank USA, N.A. and Wells Fargo Bank, N.A. acting as
co-syndication agents. Amounts available under the credit line are
subject to borrowing base formulas and seasonal supplemental advances as
specified in the loan agreement
The Company separately announced today that it has acquired Vilebrequin,
a leading global manufacturer and distributor of luxury swimwear,
accessories and resort-wear. The loan agreement provides financing for
the cash portion of the purchase price, as well as access to working
capital to continue to support the growth of the Company's business.
Morris Goldfarb, Chairman and Chief Executive Officer of G-III Apparel
Group, commented, "We are very appreciative to have the continuing
support of JPMorgan Chase and the rest of our bank group. Our strong
balance sheet and superior access to capital continue to support our
strategic plan to grow and diversify our business on a global scale."
Joseph Nastri, Senior Vice President of JPMorgan Chase, commented, "We
are very proud and pleased to continue to provide the financial support
to help G-III grow and continue its success."
About G-III Apparel Group, Ltd.
G-III is a leading manufacturer and distributor of outerwear, dresses,
sportswear, swimwear, beachwear and women's suits, as well as handbags
and luggage, under licensed brands, our own brands and private label
brands. G-III sells swimwear and beachwear under our own Vilebrequin
brand. G-III also sells outerwear and dresses under our own Andrew Marc,
Marc New York and Marc Moto brands and has licensed these brands to
select third parties in certain product categories. G-III has fashion
licenses under the Calvin Klein, Sean John, Kenneth Cole, Cole Haan,
Guess?, Jones New York, Jessica Simpson, Vince Camuto, Nine West, Ellen
Tracy, Tommy Hilfiger, Kensie, Mac & Jac, Levi's and Dockers brands and
sports licenses with the National Football League, National Basketball
Association, Major League Baseball, National Hockey League, Touch by
Alyssa Milano and more than 100 U.S. colleges and universities. Our
other owned brands include Jessica Howard, Eliza J, Black Rivet, G-III,
G-III Sports by Carl Banks and Winlit. G-III also operates outlet stores
under our Wilsons Leather and Andrew Marc names, is a party to a joint
venture that operates outlet stores under the Vince Camuto name and
operates retail stores under the Calvin Klein Performance name.
Statements concerning G-III's business outlook or future economic
performance, anticipated revenues, expenses or other financial items;
product introductions and plans and objectives related thereto; and
statements concerning assumptions made or expectations as to any future
events, conditions, performance or other matters are "forward-looking
statements" as that term is defined under the Federal Securities laws.
Forward-looking statements are subject to risks, uncertainties and
factors which include, but are not limited to, reliance on licensed
product, reliance on foreign manufacturers, risks of doing business
abroad, the current economic and credit environment, the nature of the
apparel industry, including changing customer demand and tastes,
customer concentration, seasonality, risks of operating a retail
business, customer acceptance of new products, the impact of competitive
products and pricing, dependence on existing management, possible
disruption from acquisitions and general economic conditions, as well as
other risks detailed in G-III's filings with the Securities and Exchange
Commission. G-III assumes no obligation to update the information in
this release.
For G-III Apparel Group, Ltd.
Investor Relations
James
Palczynski, 203-682-8229
or
G-III Apparel Group, Ltd.
Wayne
S. Miller, 212-403-0500
Chief Operating Officer
Source: G-III Apparel Group, Ltd.
News Provided by Acquire Media
