Golf apparel manufacturer Hartmarx Corp announced on Tuesday a new $200 million senior revolving credit facility and said it expects a profitable second half and full year with a major improvement in earnings for 2003.

The Chicago-based company said in a statement the facility has a three and one-half year term with an additional one-year renewal at the company's option, and also provides for a $50m letter of credit sub-facility.

It added the refinancing will lead to a non-cash extraordinary charge of about $1.7m, or five cents a share, in the third quarter.

The facility provides it with additional borrowing availability, lower interest rates, the immediate repayment of a high-cost term loan of $15m, the flexibility to retire its $25m of senior unsecured notes prior to their September 2003 maturity.