Abercrombie & Fitch to launch $725 million credit facility Thursday

By Sara Rosenberg

New York, July 14 – Abercrombie & Fitch Co. is set to hold a bank meeting on Thursday to launch a $725 million credit facility, according to a market source.

The facility consists of a $400 million five-year asset-based revolver and a $325 million seven-year term loan B, a news release said.

Wells Fargo Securities LLC, PNC Capital Markets LLC, J.P. Morgan Securities LLC and Goldman Sachs Lending Partners are the joint lead arrangers and bookrunners on the term loan B, and Wells Fargo, PNC and JPMorgan are the joint lead arrangers and bookrunners on the revolver.

Proceeds will be used to refinance an existing credit facility that includes a $350 million unsecured revolver due July 27, 2016 and a $131.5 million term loan A due Feb. 23, 2017, and for general corporate purposes, including potential share repurchases.

Abercrombie & Fitch is a New Albany, Ohio-based retailer of casual apparel for men, women and kids.

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