Apparel company Warnaco has closed on a US$200m senior secured term loan, with repayment due in 2018.

The US company will pay interest equal to the sum of a floating rate of at least 1%, plus a fixed margin of 2.75%.

Warnaco said it would use the funds for “general corporate purposes”, including the funding of internal growth and acquisitions, repaying revolving credit borrowings and repurchasing common stock.

“Accordingly, the company intends to accelerate the purchase of its shares under its previously authorised 5m share repurchase programme,” said Warnaco.