J. CREW’S $197.5M PAYOUT: J. Crew Group Inc. tweaked its $1.2 billion term loan credit facility with Bank of America so it could pay a special cash dividend of $197.5 million on Friday. The dividend is payable to the retailer’s parent company, Chinos Intermediate Holdings B Inc., and by that company in turn to its owners. TPG Capital and Leonard Green & Partners took J. Crew private in March 2011.
In connection with the dividend, Chinos authorized cash payments equivalent to the dividend to some of J. Crew’s senior management who, among other things, rolled over vested stock options from before the acquisition. Jenna Lyons, president and executive creative director, received $774,850; James Scully, chief administrative officer, received $484,281, and Libby Wadle, executive vice president of J. Crew, received $387,425.
This story first appeared in the December 19, 2012 issue of WWD. Subscribe Today.