Talbots to convert $125 million in uncommitted loans to committed loans

By Sara Rosenberg

New York, Nov. 25 - Talbots Inc. secured an agreement from Mizuho Corporate Bank and Sumitomo Mitsui Banking to convert their existing uncommitted working capital lines to committed working capital lines, according to a news release.

Mizuho's uncommitted working capital line is for $75 million and Sumitomo's uncommitted working capital line is for $50 million.

The conversion is subject to the completion of due diligence and applicable loan documentation.

In addition, similar discussions are currently underway with the other lender banks, who have indicated their support of this direction, the release said.

Talbots is a Hingham, Mass.-based specialty retailer and direct marketer of women's apparel, shoes and accessories.

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