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Men's Wearhouse Completes $400 Million Credit Facility

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Men's apparel specialty retailer Men's Wearhouse (NYSE: MW  ) closed on a $400 million credit agreement with possible future increases to $450 million under an expansion feature.

The credit agreement provides for a $100 million term loan, available in a single advance during the period of 120 days after the closing date, along with a $300 million senior revolving credit facility. If the $100 million loan is drawn, it will be repaid over five years, with 10% payable annually in quarterly installments and the remainder due at maturity on April 12, 2018. Men's Wearhouse intends to use the credit facility for general corporate purposes.

President and CEO of Men's Wearhouse Doug Ewert said: "We are pleased to complete our amended credit agreement which provides us much more capacity and flexibility. The new facility increases our revolver from $200 million to $300 million, adds the $100 million term loan option, and increases the expansion feature from $100 million to $150 million, while extending the maturity date two years."

Men's Wearhouse is one of North America's largest specialty retailers of men's apparel, with 1,143 stores operating under the Men's Wearhouse, Moores, and K&G brand names.

The credit agreement was led by JPMorgan Chase as the administrative agent, with Bank of America and U.S. Bank as co-syndication agents. 

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Rich Duprey

Rich has been a Fool since 1998 and writing for the site since 2004. After 20 years of patrolling the mean streets of suburbia, he hung up his badge and gun to take up a pen full time.

Having made the streets safe for Truth, Justice and Krispy Kreme donuts, he now patrols the markets looking for companies he can lock up as long-term holdings in a portfolio. So follow me on Facebook and Twitter for the most important industry news in retail and consumer products and other great stories.


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11/27/2015 1:01 PM
MW $20.65 Down -0.36 -1.71%
The Men's Wearhous… CAPS Rating: *