New York & Co. to repay $75 million junior secured term loan with IPO proceeds

By Sara Rosenberg

New York, May 24 - New York & Co. Inc. (formerly NY & Co. Group Inc.) plans to repay in full its $75 million junior secured term loan with a portion of the proceeds from its initial public offering of common stock, according to an S-1 filed with the Securities and Exchange Commission on Monday.

Remaining net proceeds from the IPO will be used for working capital and for general corporate purposes.

The $75 million term loan matures on May 18, 2009 and carries an interest rate of Libor plus 750 basis points with a minimum rate of 8.75%.

New York & Co. is a New York-based specialty retailer of women's apparel.

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