American Apparel gets $75 million credit facility

By Sara Rosenberg

New York, July 11 - American Apparel, Inc. closed on a new $75 million credit facility, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

LaSalle Bank acted as the lead bank on the deal.

Proceeds were used to refinance the company's existing $62.5 million senior secured revolver and will be available to fund working capital requirements.

As part of this refinancing, the company also negotiated a waiver of various defaults with its existing second-lien lender.

And, the second-lien lender also advanced an additional $10 million on the same terms as the original loan of Jan. 18, 2007, increasing the overall commitment to $51 million.

American Apparel is a Los Angeles-based designer and maker of logo-free T-shirts, tank tops, yoga pants and other apparel for men, women and children.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.