By  on March 31, 2013

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.

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