Apparel giant Perry Ellis International Inc on Tuesday announced it had signed an agreement for a new $60 million three-year secured revolving credit proposal led by Congress Financial Corp.

The Florida-based company said in a short news release that the deal will replace its current $60 million bank financing which is due to run out at the end of next month.

It added it has around $22m in cash on hand and has not borrowed in the past four months under its revolving-credit facility. The new credit facility is in addition to $57m of credit facilities it has with several banks.

CFO Timothy Page stated: "We are very pleased with the terms of this new facility. The pricing is more attractive than our current facility, and furthermore, has a significantly reduced level of financial covenants and operating restrictions."