Oxford Industries gets $175 million amended and restated revolver

By Sara Rosenberg

New York, Aug. 19 - Oxford Industries Inc. closed on a $175 million five-year amended and restated revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

SunTrust acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on Aug. 15, with Bank of America the syndication agent.

Pricing on the revolver can range from Libor plus 175 basis points to 225 bps depending on unused availability.

Initial pricing on the revolver is Libor plus 200 bps.

There is a $100 million accordion feature.

Financial covenants include a fixed-charge coverage ratio of 1.0 to 1.0, but it only applies if excess availability is less than the greater of $26.25 million or 15% of the total commitments for three consecutive business days.

Borrowings may be used to fund working capital, to fund future acquisitions and for general corporate purposes.

The new revolver replaces the company's previous $280 million revolver due July 28, 2009 that was more restrictive and provided less flexibility.

At closing, the company had about $102 million in excess availability under the new revolver.

Oxford Industries is an Atlanta-based designer, producer, seller and distributor of branded and private label apparel, and footwear.

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