USA: McNaughton Gets New $225m Credit Facility
McNaughton Apparel Group (Nasdaq: MAGI) today announced it has received a commitment letter from a bank group consisting of Bank of America, The CIT Group, and Fleet Capital to provide the company and its subsidiaries with a three-year $225m senior secured revolving credit facility. Upon the closing of the new credit facility, it will replace the company's existing $175m credit facility. Peter Boneparth, CEO, said: "We are pleased to have received this commitment, which highlights our banks' ongoing confidence in our ability to execute our long-term strategy."McNaughton Apparel Group designs, contracts for the manufacture of and markets a broad line of brand name, moderately-priced women's and juniors' career and casual clothing.
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