Perry Ellis International Inc. has completed the redemption of $100 million of its 7.875 percent senior subordinated notes.

At the same time, the company has amended its revolving credit facility, increasing the maximum principal amount to $200 million and extending its expiration until the end of April 2020. The company used the line to redeem the notes, leaving $50 million outstanding.

Assuming no change in prevailing interest rates, the redemption is expected to lower the company’s interest expense for the year by $4.5 million, prompting the Miami-based firm to raise its guidance for adjusted earnings per share to a range of $1.45 to $1.55, up from earlier projections of $1.25 to $1.35.

Those participating in the redemption received a premium of 103.9 percent on the face value of the notes. Expenses for early extinguishment of debt totaled $5.2 million, not included in the EPS guidance.

“The strong financial condition of the company has allowed us to take advantage of this opportunity to adjust our capital structure and to reduce our overall cost of capital,” said George Feldenkreis, chairman and chief executive officer. “We have been managing our working capital very efficiently and last year generated $55 million in net cash from operations.”

He added that the company seeks to maintain “our solid financial foundation that provides us with the flexibility to invest in our growth and produce increased cash flow for the benefit of our shareholders.”

The company’s brand portfolio includes Perry Ellis, Original Penguin, Jantzen, Laundry by Shelli Segal and Rafaella, among a number of golf and other brands. It also licenses a variety of brands from other companies.

Last year, the company recorded $858.2 million in revenues as its net loss, amplified by a $42.7 million tax valuation adjustment, grew to $37.2 million.

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