US: J Crew sales climb as it seeks refinancing
J Crew has said it is seeking refinancing
US apparel and accessories retailer J Crew has recorded an increase in fourth-quarter revenues and revealed it is seeking a loan to refinance debt.
For the three months ended 1 February, sales were up 7% to US$686m, while comparable store sales increased 4%. This compared to an increase of 11% last year.
Adjusted EBITDA is estimated in the range of $74m to $76m versus $70m in the prior year period.
In addition, J Crew, owned by TPG Capital and Leonard Green & Partners LP, said it is seeking refinancing, understood to be around $1.57bn, according to Bloomberg.
The company plans to use part of the proceeds from the refinancing to redeem its 8.125 percent senior unsecured notes due 2019.
In its trading update, J Crew said it had not yet received a commitment from lenders in connection with the potential refinancing.
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