Liz Claiborne obtains $350 million amended and restated revolver

By Sara Rosenberg

New York, May 6 - Liz Claiborne Inc. closed on Thursday on a $350 million 41/4-year amended and restated asset-based revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission.

JPMorgan, Bank of America, Wells Fargo and SunTrust acted as the joint lead arrangers on the deal.

Pricing on the revolver can range from Libor plus 325 basis points to 375 bps based on availability, and the commitment fee can range from 50 bps to 75 bps based on usage.

The facility replaces the company's previous $600 million credit facility.

Through the amendment and restatement, the company eliminated the springing fixed-charge coverage covenant, added a $45 million minimum availability covenant and decreased pricing.

Proceeds are available for working capital and general corporate purposes, including acquisitions and repaying existing debt.

Liz Claiborne is a New York-based designer and marketer of apparel and accessories.

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