Talbots (TLB) Enters New $75M Term Loan, Amends $200M Revolver
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The Talbots, Inc. (NYSE: TLB) has entered into a new $75 million secured term loan led by Wells Fargo Bank, National Association. In connection with this transaction, Talbots also amended its existing $200 million secured revolving credit facility with GE Capital, Corporate Retail Finance.
The new $75 million secured term loan, which matures on February 16, 2017, is secured by a first lien on certain real estate and on intellectual property, equipment and fixtures, and a second lien on the Company’s remaining assets. The interest rate on the term loan is equal to LIBOR plus 10%. The lead agent on the term loan is Wells Fargo Bank, National Association. The Company also announced that it has amended its existing $200 million secured revolving credit facility with GE Capital, which was set to expire in October 2013. Under the amended revolving credit facility, which matures on February 16, 2017, interest on the outstanding principal is LIBOR plus 2.5% to 3.0%. The facility is secured by a second lien on certain real estate and on intellectual property, equipment and fixtures, and a first lien on the Company’s remaining assets.
The new $75 million secured term loan, which matures on February 16, 2017, is secured by a first lien on certain real estate and on intellectual property, equipment and fixtures, and a second lien on the Company’s remaining assets. The interest rate on the term loan is equal to LIBOR plus 10%. The lead agent on the term loan is Wells Fargo Bank, National Association. The Company also announced that it has amended its existing $200 million secured revolving credit facility with GE Capital, which was set to expire in October 2013. Under the amended revolving credit facility, which matures on February 16, 2017, interest on the outstanding principal is LIBOR plus 2.5% to 3.0%. The facility is secured by a second lien on certain real estate and on intellectual property, equipment and fixtures, and a first lien on the Company’s remaining assets.
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