USA: Movie Star Completes Debt Refinancing
Ladies' wear manufacturer and retailer Movie Star Inc has refinanced its subordinated debt and senior notes with a three-year revolving credit facility. The new $30 million credit facility was negotiated with the company's current lender, the banking firm of Rosenthal & Rosenthal Inc. The proceeds from borrowings under the new credit facility will replace Movie Star's existing $18 million credit facility and be used to repay the remaining balance on the company's 12.875 per cent subordinated debt of $4,180,000 and 8 per cent senior notes of $2,283,000.
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