By  on February 16, 2012

The Talbots Inc. secured a new $75 million term loan, boosting its liquidity as the retailer searches for a replacement for president and chief executive officer Trudy Sullivan and considers its strategic options, which could include a sale of the firm.

The new term loan was led by Wells Fargo Bank and is secured by a first lien on some of the retailer’s real estate and on its intellectual property, equipment and fixtures, as well as a second lien on the rest of its assets. It carries an interest rate equal to 10 percent plus the London Interbank Offered Rate. Talbots also amended its $200 million secured revolving credit facility with GE Capital.

To Read the Full Article
SUBSCRIBE NOW

Tap into our Global Network

Of Industry Leaders and Designers

load comments
blog comments powered by Disqus