NEW YORK, Feb. 9, 2023 /PRNewswire/ — Premier Brands Group (the “Company”) today announced that it has successfully completed a refinancing and upsizing of its asset-based revolving credit facility and amendment and extension of its term loan credit facility. The refinancing increased capacity under the Company’s asset-based credit facility to $255 million and provided Premier Brands Group with approximately $50 million of incremental liquidity, and has a maturity in 2026. The term loan amendment and extension were supported by 100% of existing lenders and pushes out the maturity of the Company’s term debt to 2026.
“The successful upsize and extension of our credit facilities demonstrates the quality of our relationships with our key lenders and their confidence in the business,” said Morris Tbeile, Chief Executive Officer. “This transaction materially enhances our liquidity and positions us for continued growth,” added Tbeile. “We remain committed to proactive and methodical management of our balance sheet as we continue to take market share and grow the business.”
About Premier Brands Group
Premier Brands Group designs, manufactures and sells a broad range of men’s and women’s apparel, including jeanswear, sportswear, sweaters, dresses, wear-to-work apparel, and accessories. The Company sells its products under its wholly owned brands Gloria Vanderbilt, Kasper, and Napier and licenses various brands including Anne Klein, Jones New York, Jessica Simpson, and Nine West. The Company sells its products through a broad array of distribution channels, including better specialty stores, department stores and mass merchandisers, primarily in the United States and Canada.
SOURCE Premier Brands Group
Originally published at https://www.prnewswire.com/news-releases/premier-brands-group-successfully-upsizes-abl-and-extends-term-loan-with-unanimous-lender-consent-301742729.html
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