Barneys LBO financing credit facility to total $480 million

By Sara Rosenberg

New York, July 30 - Barneys New York's buyout financing credit facility is currently anticipated to carry a total size of $480 million, according to a market source.

Citigroup is the lead bank on the deal.

The facility is expected to be comprised of a $280 million term loan (B3/B) and a $200 million ABL revolver, the source said.

Timing on the transaction is still to be determined, the source added.

Barneys New York is being bought by Istithmar from Jones Apparel Group Inc. for $825 million.

Other financing will come from at least $345.5 million in equity.

The transaction is subject to customary closing conditions and approvals.

Barneys is a New York-based luxury retailer with flagship stores in New York City, Beverly Hills, Chicago, Boston and Dallas.

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