VAN NUYS, Calif. -- Authentic Fitness Corp. said it plans to refinance $100 million in debt in a move expected to realize annual savings of $800,000, or 5 cents a share.

The new debt will carry an interest rate of the London Interbank Offering Rate (LIBOR) plus 1 percent, compared with LIBOR plus 2.5 percent on the old debt.

The new facility is being underwritten by Citicorp U.S.A., a subsidiary of Citibank N.A.; The Bank of Nova Scotia, and Chemical Bank.

In the most recent fiscal year, ended July 3, Authentic Fitness -- which makes swimwear, activewear and skiwear -- earned $9.8 million, or 1.12 a share, on sales of $132.9 million.

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