J. Crew gets commitment for $170 million revolver

By Sara Rosenberg

New York, Dec. 1 - J. Crew Group Inc. entered into a commitment letter for a new $170 million five-year revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

Wachovia Bank and Congress Financial Corp. are the lead banks on the deal.

Proceeds will be used to refinance the company's existing credit facility that provides for a $160 million revolver and supplemental loans of up to $20 million during April 15 to Sept. 15.

Terms of the new revolver are expected to essentially be the same as the existing facility, however, lending formulas used to determine availability will be more favorable to the company, the filing said.

J. Crew is a New York-based multi-channel retailer of women's and men's apparel, shoes and accessories.

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