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Oxford Industries to get new revolver via SunTrust
By Sara Rosenberg
New York, June 21 - Oxford Industries Inc. expects to enter into a new senior secured revolving credit facility agreement.
SunTrust Capital Markets Inc. will act as the lead arranger on the deal.
There were no further details available on the revolver since size, timing and other specifics are still "all in discussion," a source close to the deal told Prospect News Monday.
Proceeds from the new revolver, along with cash on hand, will be used to help finance the acquisition of London-based Ben Sherman Ltd., a privately held designer, distributor, and marketer of branded sportswear, accessories, and footwear. The company is being purchased from venture capital company 3i and Enterprise Equity.
The total purchase price for Ben Sherman will be £80 million, plus associated expenses, in an all-cash transaction, according to a company news release.
The acquisition is expected to close in late July.
"Ben Sherman is an excellent brand and a well-managed company. Their seasoned management team, led by CEO Miles Gray, has extensive international expertise and is one of the more attractive elements of this acquisition," chairman and chief executive officer J. Hicks Lanier said in the release. "We believe there are significant opportunities for growth both overseas and here in the United States for the brand. Additionally, there are opportunities for us to leverage Ben Sherman's considerable infrastructure in the United Kingdom to grow other portions of our consolidated business."
Banc of America Securities LLC acted as exclusive financial adviser to Oxford in connection with this acquisition. Citigroup Global Markets Ltd. acted as exclusive financial adviser to Ben Sherman in connection with the sale.
Oxford Industries is an Atlanta designer, manufacturer, marketer and wholesaler of consumer apparel products.
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