Fashion retailer Talbots agrees $150 mn in new credit lines

Fashion

Fashion retailer Talbots agrees $150 mn in new credit lines

The Talbots Inc announced that it has entered into revolving credit agreements with Mizuho Corporate Bank, Ltd; Sumitomo Mitsui Banking Corporation; and The Norinchukin Bank to convert each of their existing uncommitted working capital lines of $75 million, $50 million, and $25 million, respectively, to committed lines, effective immediately. Including Talbots existing $50 million committed facility with Aeon (U.S.A), Inc., a wholly owned subsidiary of Aeon Co., Ltd., and the majority shareholder of The Talbots, Inc., the Company has now secured $200 million of its $215 million total working capital borrowing capacity as committed facilities. Talbots is also currently in discussions with a fourth lending bank to convert the remaining $15 million uncommitted facility to a committed facility. Additional information related to this financing is included in the Company`s Form 8-K, which will be filed. The Talbots, Inc. is a leading specialty retailer and direct marketer of women`s apparel, shoes and accessories.

The Talbots Inc

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