New York & Co. gets $37.5 million loan, extends tenor on revolver

By Sara Rosenberg

New York, Jan. 5 - New York & Co. Inc. closed on a new $37.5 million term loan and extended the term of its existing $90 million revolving credit facility to March 17, 2009, according to a company news release.

Proceeds from the new term loan, along with cash on hand, were used to prepay the existing $75 million term loan in full on Wednesday.

The new term loan facility, which matures March 17, 2009, carries an interest rate of Libor plus 250 basis points - a significant drop from the Libor plus 500 bps pricing that the previous term loan carried.

Wachovia acted as the lead bank on the new term loan.

New York & Co. is New York-based specialty apparel chain.

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