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Knitting / Apparel

Jones Apparel Obtains 750M Bank Credit Facility

Jones Apparel Group Inc., Bristol, Pa., has completed a $750 million five-year revolving bank credit facility that extends to May 2010. The facility is an amendment and restatement of the company's existing $500 million three-year credit facility that was to mature in June 2006. Approximately 29 banks and financial institutions participated in the credit facility.

"Combined with an existing revolving credit facility, which extends to June 15, 2009, Jones Apparel Group now has $1.75 billion of committed bank credit that provides us with substantial financial flexibility as we continue to pursue our multibrand, multichannel diversification strategy," said Wesley R. Card, chief operating officer and chief financial officer.

July/August 2005