American Apparel is slated to complete an overhaul of its credit financing this week via a private offering of $206 million in senior secured notes. The proceeds from the offering, which carry an interest rate of 13 percent and come due in 2020, will be used by the specialty retailer to repay and exit its credit facilities with London-based Lion Capital and Boston-based Crystal Financial.
Additionally, American Apparel has secured a new asset-backed revolving credit facility of about $30 million with an unnamed bank.
"You start one way as a baby, but why shouldn't you be able to choose your own path as opposed to culturally people telling you which way to go?" - Thom Browne at his men's spring 2018 show, where he celebrated gender fluidity. #pfw #wwdmens (📷: @delphineachard)
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