In Brief: J. Crew Refinances … Loews Grabs Rest of Bulova … Reebock Conversion …
J. CREW REFINANCES: J. Crew Group Inc. has entered into a commitment letter with Wachovia Bank National Association and Congress Financial Corp. to refinance a $180 million secured loan agreement among J. Crew Operating Corp....
J. CREW REFINANCES: J. Crew Group Inc. has entered into a commitment letter with Wachovia Bank National Association and Congress Financial Corp. to refinance a $180 million secured loan agreement among J. Crew Operating Corp. and certain of its subsidiaries, according to a Wednesday filing with the Securities and Exchange Commission. The refinanced facility will have a five-year term and provide up to $170 million of revolving loans and letters of credit to J. Crew Operating and its subsidiaries on similar terms to those in the existing facility. The existing facility began on Dec. 23, 2002 and provides revolving loans of up to $160 million, supplemental loans of up to $20 million each year and letter of credit accommodations. According to the filing, the pricing and lending formulas used to determine availability under the refinanced facility will be more favorable to J. Crew Operating and its subsidiaries than those in the existing facility. Meanwhile, Wednesday’s news follows, as previously reported, a $275 million senior subordinated loan agreement between J. Crew Operating and Black Canyon Capital LLC and Canyon Capital Advisors LLC, according to a prior SEC filing.
LOEWS GRABS REST OF BULOVA: Bulova Corp. said Loews Corp. will purchase the remaining 149,998 shares of Bulova that it doesn’t yet own at a price of $35 a share, payable in cash. Bulova became a subsidiary of Loews in 1979, according to Bulova’s general counsel, Warren Neitzel. Since then, Loews has increased its stake of Bulova’s publicly traded shares to 97 percent. Loews is acquiring the remaining Bulova shares in what is known as a short-form merger, the term for the process during which the parent company merges with a subsidiary in which the parent owns more than a 90 percent stake, with the parent as the surviving corporation. The procedure doesn’t require either the vote of Bulova’s board or its shareholders. The transaction is expected to be completed early next year. Following the merger, Bulova will cease to be a public company and will no longer be required to file regulatory statements with the Securities and Exchange Commission.
REEBOK CONVERSION: Reebok International Ltd. completed an offer to exchange 2 percent convertible debentures that were offered in April for new 2 percent convertible debentures due in 2024. According to the company, about 84.8 percent, or an estimated $296.8 million of the old securities, were tendered by holders of the old securities. About $53.2 million of the old securities remain outstanding.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews