Kellwood gets $400 million credit facility

By Angela McDaniels

Seattle, April 13 - Kellwood Co. obtained a $400 million asset-based lending credit facility due 2011, according to a company news release.

Proceeds will be used for working capital, general corporate purposes and to fund acquisitions.

Banc of America Securities LLC and J.P. Morgan Securities Inc. are joint lead arrangers and joint book managers. Bank of America NA is administrative agent, JPMorgan Chase Bank and Wachovia are co-syndication agents, and The Bank of Nova Scotia and SunTrust are co-documentation agents.

Other banks participating in the facility are Bank of New York, First Bank, Fifth Third, HSBC, U.S. Bank and UMB St. Louis.

With the establishment of this secured credit facility, Kellwood said the $50 million Asian credit facility established in December may become secured by the accounts receivable and inventory of the Asian operations.

Additionally, the company terminated its credit facility dated Oct. 20, 2004. As a result of the termination of the credit facility and its related subsidiary guarantees, the subsidiary guarantees of the company's 1997 and 1999 debentures and the 2004 convertible debentures automatically terminate.

Kellwood is based in St. Louis and markets apparel and recreational camping products.

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