G-III Apparel gets $195 million credit facility

By Sara Rosenberg

New York, July 15 - G-III Apparel Group Ltd. got a new $195 million three-year senior secured credit facility, according to an 8-K filed with the Securities and Exchange Commission Friday. The CIT Group/Commercial Services Inc. is the agent on the deal.

Bank Leumi USA, CIT, Commerce Bank, HSBC Bank, Israel Discount Bank of New York and Webster Business Credit are lenders on the deal.

The facility, which closed on July 11, consists of a $165 million revolver with an interest rate of Libor plus 225 basis points and a $30 million term loan with an interest rate of Libor plus 325 basis points.

Proceeds were used to refinance debt, to help fund the acquisition of Marvin Richards Ltd. and to refinance some debt of Winlit Group Ltd., another company that was acquired.

G-III is a New York-based apparel company.

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