G-III Apparel amends to lift size to $300 million, extend maturity

By Sara Rosenberg

New York, May 17 - G-III Apparel Group Ltd. amended its credit facility, increasing the size to $300 million from $250 million and pushing out the maturity to July 31, 2013 from July 11, 2011, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Also, the amendment provides that pricing on the facility is Libor plus 275 basis points.

And, the maximum senior leverage ratio was revised to 2.5 times for the 12 months ending April 30, 5.0 times at July 31, 5.60 at Oct. 31, 2.4 times at Jan. 31, 2011, 2.5 times at April 30, 2011, 5.0 times at July 31, 2011, 5.6 times at Oct. 31, 2011, 2.4 times at Jan. 31, 2012, 2.5 times at April 30, 2012, 5.0 times at July 31, 2012, 5.6 times at Oct. 31, 2012, 2.4 times at Jan. 31, 2013 and 2.5 times at April 30, 2013.

The amendment was completed on May 13.

JPMorgan is the administrative agent on the deal.

G-III is a New York-based designer, manufacturer, importer and marketer of outerwear and sportswear apparel to retailers.

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