• JONES CUTS CREDIT FACILITY: Shares of Jones Apparel Group Inc. skyrocketed $1.73, or 44.5 percent, to close at $5.62 Friday after the firm reported that it had cut its revolving credit line by more than half in a move to provide greater flexibility in its business. Jones eliminated a $500 million facility set to mature next June and reduced to $600 million a $750 million credit line scheduled to mature in May 2010. The firm said that unspecified fees and interest rates under the surviving facility increased to current market rates and that Jones will grant “certain security for borrowings” under the revolver and pay “customary” fees for the modifications. J.P. Morgan Securities and Citigroup Global Markets Inc. were joint lead arrangers in the revision. Jones owns Jones New York, Nine West, Anne Klein and Gloria Vanderbilt.

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