WARNACO: INTEREST CUT TO SAVE $1M A YEAR

NEW YORK — The Warnaco Group said another rate reduction from its banks will save it $1 million annually in interest costs.
Its bank group reduced the interest rate on its existing $500 million bank facility to LIBOR (London Interbank Offered Rate) plus 1/2 percent from LIBOR plus 7/8 percent.
Linda J. Wachner, chairman and chief executive officer, said the move also represented “a vote of confidence by the banks” because the new rate was approved ahead of the schedule originally set by the bank agreement.

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