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In Brief

DEBT RETIREMENT: ShopKo Stores Inc. on Monday reported that as of Dec. 10, it has voluntarily retired the $100 million term-loan portion of its credit facility with Fleet Retail Finance Inc. "Because we have made significant progress reducing working...

DEBT RETIREMENT: ShopKo Stores Inc. on Monday reported that as of Dec. 10, it has voluntarily retired the $100 million term-loan portion of its credit facility with Fleet Retail Finance Inc. “Because we have made significant progress reducing working capital, the capacity under the facility is no longer required,” said treasurer R. John Pindred in a statement. “The voluntary retirement of the term loan demonstrates confidence in our company’s ability to continue to generate strong cash flows and effectively manage working capital.” The revolving portion of the credit facility was used to fund the outstanding amount under the term loan. As a result of the retirement, the Green Bay, Wis.-based Fortune 500 company said it expects to realize interest expense savings over the remaining life of the facility, as this transaction reduces the total credit facility to $500 million from $600 million.

STOCK OFFER AND ORDERS UP: In a registration statement released Monday by the Securities and Exchange Commission, Delta Galil Industries Ltd. disclosed that it is offering to the public 1.1 million ordinary shares at $8.72 each for a proposed maximum aggregate offering price of $9.6 million. The commencement of the proposed sales began Monday, and, going forward, the stock will now be sold from “time to time.” Separately, the Tel Aviv-based innerwear maker reported Friday it has received sales forecast data from Wal-Mart Stores Inc. and Target Corp., indicating that orders to those customers are expected to increase by approximately 20 percent in 2003. As the company’s two largest mass-market customers, those retailers together represented about 25 percent of Delta’s total 2002 sales. For the nine months ended Sept. 30, Delta’s sales were $151.9 million.

PAC SPLIT: Pacific Sunwear of California Inc. announced a three-for-two stock split with a record date of Dec. 18 and a payment date of Dec. 30. Shares of the specialty retailer will begin trading on a split-adjusted basis today. Shares of PacSun closed at $26.64 in Nasdaq trading Monday, on par with the previous close.