J. Crew targets late-April launch for $295 million term loan

By Sara Rosenberg

New York, April 11 - J. Crew Group Inc. is aiming to hold a bank meeting in late April to launch its proposed $295 million senior secured term loan, according to a market source.

Goldman Sachs and Bear Stearns are the lead banks on the deal, which could be upsized to $335 million under certain circumstances, with Goldman the left lead.

Proceeds from the term loan, along with proceeds from an initial public offering, will be used to redeem cumulative preferred stock and notes.

Last year, the company had syndicated the $295 million term loan, but then decided to pull it from market after the postponement of its IPO. At that time, interest on the term loan would have been set at Libor plus 225 basis points.

J. Crew is a New York-based apparel and accessories retailer.

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