Statements concerning G-III’s business outlook or future economic performance, anticipated revenues, expenses or other financial items; product introductions and plans and objectives related thereto; and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters are “forward-looking statements” as that term is defined under the Federal Securities laws. Forward-looking statements are subject to risks, uncertainties and factors which include, but are not limited to, reliance on licensed product, reliance on foreign manufacturers, risks of doing business abroad, the current economic and credit environment, the nature of the apparel industry, including changing customer demand and tastes, customer concentration, seasonality, risks of operating a retail business, customer acceptance of new products, the impact of competitive products and pricing, dependence on existing management, possible disruption from acquisitions and general economic conditions, as well as other risks detailed in G-III’s filings with the Securities and Exchange Commission. G-III assumes no obligation to update the information in this release.
G-III Apparel Group, Ltd. (NasdaqGS: GIII) today announced that it has entered into a new revolving credit agreement enabling the company to borrow up to $450 million, an increase from its prior facility that provided for borrowings of up to $300 million. The five-year syndicated loan agreement was led by JPMorgan Chase Bank, N.A. with Bank of America, N.A., HSBC Bank USA, N.A. and Wells Fargo Bank, N.A. acting as co-syndication agents. Amounts available under the credit line are subject to borrowing base formulas and seasonal supplemental advances as specified in the loan agreement The Company separately announced today that it has acquired Vilebrequin, a leading global manufacturer and distributor of luxury swimwear, accessories and resort-wear. The loan agreement provides financing for the cash portion of the purchase price, as well as access to working capital to continue to support the growth of the Company’s business. Morris Goldfarb, Chairman and Chief Executive Officer of G-III Apparel Group, commented, “We are very appreciative to have the continuing support of JPMorgan Chase and the rest of our bank group. Our strong balance sheet and superior access to capital continue to support our strategic plan to grow and diversify our business on a global scale.” Joseph Nastri, Senior Vice President of JPMorgan Chase, commented, “We are very proud and pleased to continue to provide the financial support to help G-III grow and continue its success.” About G-III Apparel Group, Ltd. G-III is a leading manufacturer and distributor of outerwear, dresses, sportswear, swimwear, beachwear and women's suits, as well as handbags and luggage, under licensed brands, our own brands and private label brands. G-III sells swimwear and beachwear under our own Vilebrequin brand. G-III also sells outerwear and dresses under our own Andrew Marc, Marc New York and Marc Moto brands and has licensed these brands to select third parties in certain product categories. G-III has fashion licenses under the Calvin Klein, Sean John, Kenneth Cole, Cole Haan, Guess?, Jones New York, Jessica Simpson, Vince Camuto, Nine West, Ellen Tracy, Tommy Hilfiger, Kensie, Mac & Jac, Levi's and Dockers brands and sports licenses with the National Football League, National Basketball Association, Major League Baseball, National Hockey League, Touch by Alyssa Milano and more than 100 U.S. colleges and universities. Our other owned brands include Jessica Howard, Eliza J, Black Rivet, G-III, G-III Sports by Carl Banks and Winlit. G-III also operates outlet stores under our Wilsons Leather and Andrew Marc names, is a party to a joint venture that operates outlet stores under the Vince Camuto name and operates retail stores under the Calvin Klein Performance name.