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G-III Apparel amends loan, setting net worth, EBITDA, fixed-charge coverage covenants
By Sara Rosenberg
New York, March 2 - G-III Apparel Group Ltd. amended its $195 million three-year senior secured credit facility, setting net worth, EBITDA and fixed-charge coverage ratio covenants for the fiscal year ending Jan. 31, 2007, according to an 8-K filed with the Securities and Exchange Commission Thursday.
In addition, the amendment specifies the maximum amounts that may be borrowed during the year, as well as revises the borrowing base formula and permitted over advances.
Under the amendment, the company is required to maintain a net worth of $48 million for the fiscal quarter ended Oct. 31, $43 million for the fiscal quarter ended Jan. 31, $31.6 million for the fiscal quarter ending April 30, $30.6 million for the fiscal quarter ending July 31, $46.7 million for the fiscal quarter ending Oct. 31, 2006 and $41.8 million for the fiscal quarter ending Jan. 31, 2007.
Minimum EBITDA is now set at $15 million for the 12 months ended Oct. 31, $20 million for the 12 months ended Jan. 31, $14.9 million for the 12 months ending April 30, $14 million for the 12 months ending July 31, $17 million for the 12 months ending Oct. 31, 2006 and $19.6 million for the 12 months ending Jan. 31, 2007.
Lastly, the fixed-charge coverage ratio is set at 1.35 to 1.00 for the three months ended Oct. 31, 1.30 to 1.00 for the six months ended Jan. 31, 1.05 to 1.00 for the nine months ending April 30 and 1.00 to 1.00 for every 12-month period thereafter.
The amendment was completed on Feb. 24.
The CIT Group/Commercial Services Inc. is the agent on the deal.
G-III is a New York-based apparel company.
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