G-III Apparel Group has obtained a $450 million, five-year revolving credit facility from a group of 15 banks, according to a regulatory filing. The revolver replaces the company’s previous $300 million revolver.
J.P. Morgan acted as sole lead arranger and is administrative agent.
Pricing on the revolver is tied to utilization-based grid, ranging from L+150-200, with a commitment fee ranging from 25-37.5 bps.
Under the terms of the agreement, the company must maintain compliance with a fixed-charge-coverage ratio of 1.1x.
Lender commitments to the revolver are as follows:
New York-based G-III Apparel Group owns brands such as Calvin Klein, Dockers, Guess, Kenneth Cole, Levi’s, and Tommy Hilfiger. – Richard Kellerhals