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Fresh Cash for J. Crew

NEW YORK — J. Crew Group got a brand-spanking-new platinum card for Christmas.<br><br>The New York-based apparel retailer reported Thursday that it has entered into a new $180 million credit facility with Wachovia Bank N.A. and Congress Financial...

NEW YORK — J. Crew Group got a brand-spanking-new platinum card for Christmas.

The New York-based apparel retailer reported Thursday that it has entered into a new $180 million credit facility with Wachovia Bank N.A. and Congress Financial Corp.

The facility is comprised of a $160 million revolving credit and letter of credit facility and a $20 million supplemental line available to the company on a seasonal basis.

The new three-year agreement supplants an extant $175 million secured facility with J.P. Morgan Chase that was due to expire on Oct. 17 of next year.

Total borrowing under the new facility is predicated upon limitations based on specific percentages of eligible receivables, eligible inventories and certain real estate, and is secured by the total assets of J. Crew.

Initial availability at the time the facility closed was approximately $100 million.