Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers S > Headlines for Sequential Brands Group, Inc. > News item |
Sequential Brands draws $75 million for Joe’s Jeans asset purchase
New York, Sept. 14 – Sequential Brands Group, Inc. borrowed $74 million under its credit agreements to fund its asset purchase agreement with Joe’s Jeans Inc., according to an 8-K filing with the Securities and Exchange Commission.
The company entered into an incremental joinder agreement, amendment and waiver to its second-lien credit agreement on Friday to increase the amount of incremental term loans that can be issued under the agreement to $56 million.
The company then borrowed $56 million of term loans under the agreement, which were used, along with $18 million under the company’s second amended and restated first-lien credit agreement and the proceeds of an equity issue, to complete the transactions under the asset purchase agreement.
Wilmington Trust, NA is the administrative agent for the second-lien credit agreement, and Bank of America, NA is the administrative agent for the first-lien credit agreement.
Sequential Brands is a New York-based owner, promoter, marketer and licenser of a portfolio of consumer brands in the fashion, active and lifestyle categories. Joe’s Jeans is a Commerce, Calif.-based apparel company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.