When completed, the agreements
will extend the maturities through August 12, 2002 of the $500 million Trade
Credit and $600 million Bridge Loan facilities, which presently have contractual
maturities in July and October 2000, respectively. Warnaco said that upon satisfaction
of the closing conditions to and completion of the planned transactions, the
Company will have no material debt maturing prior to August 2002. In the interim
period, prior to closing, Warnaco will utilize bilateral trade facilities, including
a supplemental trade credit facility with The Bank of Nova Scotia, for its normal
trade and letter of credit requirements. The amended financing facilities will
be secured by assets owned by Warnaco and its subsidiaries. Warnaco also said
that there are no requirements for modification of the Company’s remaining private
or public debt.
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