J.Crew’s Lenders Consent To Amend Loan Terms, Buying The Apparel Retailer More Time
J.Crew said Wednesday that a term loan amendment, initially proposed in mid-June, has been approved by the retailer’s lenders, essentially buying the struggling apparel retailer more time. Lenders who hold about 88 percent of the outstanding principle amount of loans under consideration within this agreement have consented, J.Crew said. “[T]he Company views these transactions as strategically important to its overall effort in positioning the company for long-term success,” the retailer said in a statement Wednesday afternoon. “Addressing the nearest-term maturity removes an overhang in a challenging market environment and provides the company a clear and more confident path to execute its business plan.” This particular term loan agreement was announced by J.Crew earlier in June in connection with an offer to exchange part or all of the company’s outstanding $566.5 million of notes, due in 2019, which were issued by Chinos Intermediate Holdings, an indirect parent to J.Crew. Read more at CNBC.
