American Apparel Inc. Announces an Additional $15 Million Commitment Under Its U.S. Revolving Credit Facility
American Apparel Inc., Los Angeles, a vertically integrated manufacturer, distributor and retailer of branded fashion basic apparel, announced a $15 million increase in its revolving credit facility with Capital One Leverage Finance Corp. As a part of this transaction, The Bank of Montreal was added as a loan participant and the total commitment under this facility was raised to $50 million from $35 million. The additional commitment was made under substantially the same terms of the existing facility.
"We are very pleased with the expansion of our credit facility and proud to have Capital One and The Bank of Montreal as business partners," said Dov Charney, chairman and chief executive officer of American Apparel. "The expanded facility strengthens our balance sheet and provides us with greater flexibility to continue investing in our business and deliver on our 2013 financial targets. Our business fundamentals and momentum remain strong, and we are committed to building long-term shareholder value through financially smart decisions that drive return on capital."
For more information, visit www.americanapparel.net.