Kellwood to refinance revolver, discharge or repurchase 12 7/8% notes

By Angela McDaniels

Tacoma, Wash., Sept. 24 - Kellwood Co. plans to refinance its $155 million revolving credit facility with Wells Fargo and discharge or repurchase at par its $146.8 million of outstanding 12 7/8% notes, according to an S-1 filing with the Securities and Exchange Commission.

In addition, the company may discharge, refinance or repurchase at par its $87 million of outstanding 7 5/8% debentures due 2017 and $200,000 of outstanding 3.5% convertible notes due 2034.

The debt repayments will be made in connection with Apparel Holding Corp.'s planned initial public offering. Apparel Holding was formed to hold the assets and liabilities of Kellwood in connection with the February 2008 acquisition of Kellwood by affiliates of Sun Capital Partners, Inc.

Apparel Holding will change its name to Vince Holding Corp. before the IPO is completed. Following the IPO, its operations will consist of the Vince brand apparel business, and the non-Vince businesses will remain with Kellwood.

Kellwood will receive some of the IPO proceeds, and it will use those proceeds to discharge or repurchase the notes.

Chesterfield, Mo.-based Kellwood makes and markets apparel and consumer soft goods.

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