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Knitting / Apparel

Apparel Groups Secure Financing Deals

Jones Apparel Group, Bristol, Pa., has obtained a $700 million, three-year revolving bank credit facility that the group plans to use for working capital, letters of credit and other general corporate purposes. J.P. Morgan Securities Inc. and Citigroup Global Markets Inc. were joint lead arrangers for the facility.Maidenform Inc., Bayonne, N.J., recently gained a secured $60 million, three-year revolving line of credit through Congress Financial Corp. The company will use the credit facility to expand its retail presence and to focus resources on the Maidenform brand.Innovo Group Inc., Commerce, Calif., has signed a new financing facility with CIT Commercial Services that provides more favorable interest and factoring rates, and removes fixed caps associated with its inventory-based line of credit. The company can now borrow against its inventory up to an amount equal to its eligible receivables. The new agreement also provides a letter of credit facility.

July 2003




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