CIT Group Inc. said last week it led the financing to establish a $250 million revolving credit line for G-III Apparel Group Ltd.
The maximum borrowing on the new facility, a three-year revolving credit line that extends to July 2011, was raised from $195 million under the previous loan agreement.
G-III is a manufacturer of outerwear and sportswear under licensed brands, private labels as well as its own brands.
“This larger line is more appropriate for our business given our continued strong organic growth and our recent acquisition of the Andrew Marc business,” said Morris Goldfarb, G-III’s chairman and chief executive officer.
Earlier this month, CIT provided a $90 million revolving line of credit and term loan to women’s apparel firm Como Fred David Group. The funds were used for a recapitalization of Como Fred David by GB Merchant Partners, an affiliate of Gordon Brothers Group, in partnership with Crystal Capital.