Perry Ellis International Inc. said Monday it completed the refinancing of its Miami headquarters, as well as secured a fixed interest rate reduction on the mortgage of a distribution facility in Tampa. The company said the $13 million mortgage on the headquarters resulted in additional gross proceeds of $2.1 million. The mortgage is for 10 years with a fixed interest rate of 5.8 percent and a maturity date of August 2020. The previous rate was 7.1 percent. The Tampa facility has a fixed rate of 5.75 percent, down from the previous rate of 6.25 percent. The loan matures in June 2016. The firm said the reductions will save it $215,000 in annual interest payments.
This story first appeared in the August 3, 2010 issue of WWD. Subscribe Today.