American Apparel Successfully Completes Refinancing of Secured Debt

Los Angeles-based American Apparel Inc. announced that it has successfully closed a private offering of $206 million principal amount of its 13 percent senior secured notes due 2020 and has entered into a new $35 million five-year asset-backed revolving credit facility with Capital One Bank. The company used the net proceeds from the offering of the notes, together with borrowings under the new revolving credit facility, to repay in full and terminate its prior credit facilities with Lion Capital LLC and Crystal Financial LLC.