Oxford Industries gets $235 million amended and restated revolver

By Sara Rosenberg

New York, June 15 - Oxford Industries Inc. closed on a $235 million amended and restated five-year asset-based revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Friday.

SunTrust Robinson Humphrey Inc. acted as the lead arranger and bookrunner on the deal that was completed on June 14.

Pricing ranges from Libor plus 150 basis points to 225 bps based on average availability. Initial pricing is Libor plus 175 bps.

There is a $100 million accordion feature.

Also, a fixed-charge coverage ratio of 1.0 times is applicable if excess availability under the revolver is less than the greater of $23.5 million or 10% of the total revolver commitments for three consecutive business days.

Proceeds are available to refinance existing debt, redeem the company's 11 3/8% senior secured notes due 2015, to fund working capital, to fund future acquisitions and for general corporate purposes.

On Friday, the company announced that it is calling for redemption all $105 million of its senior secured notes. The redemption date is July 16.

Oxford Industries is an Atlanta-based apparel company.

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