Men's Wearhouse Closes On $400 Million Credit Agreement
FREMONT, Calif., April 16, 2013
FREMONT, Calif., April 16, 2013 /PRNewswire/ --The Men's Wearhouse (NYSE: MW)
today announced it has closed on its amended and restated credit facility.
The Credit Agreement provides the Company with a $300 million senior revolving
credit facility, with possible future increases to $450 million under an
expansion feature. In addition, the Credit Agreement provides for a $100
million term loan, available in a single advance during the period of 120 days
after the closing date. If drawn, the term loan will be repaid over five
years, with 10% payable annually in quarterly installments and the remainder
due at maturity. The Credit Agreement matures on April 12, 2018. The Credit
Agreement was led by JPMorgan Chase as the Administrative Agent, with Bank of
America and US Bank as Co-Syndication Agents. The Company intends to use the
credit facility for general corporate purposes.
Doug Ewert, Men's Wearhouse president and chief executive officer, stated, "We
are pleased to complete our amended Credit Agreement which provides us much
more capacity and flexibility. The new facility increases our revolver from
$200 million to $300 million, adds the $100 million term loan option, and
increases the expansion feature from $100 million to $150 million, while
extending the maturity date two years."
Founded in 1973, Men's Wearhouse is one of North America's largest specialty
retailers of men's apparel with 1,143 stores. The Men's Wearhouse, Moores and
K&G stores carry a full selection of suits, sport coats, furnishings and
accessories in exclusive and non-exclusive merchandise brands and Men's
Wearhouse and Tux stores carry a limited selection. Most K&G stores carry a
full selection of women's apparel. Tuxedo rentals are available in the Men's
Wearhouse, Moores and Men's Wearhouse and Tux stores. Additionally, Men's
Wearhouse operates a global corporate apparel and workwear group consisting of
Twin Hill in the United States and Dimensions, Alexandra and Yaffy in the UK.
This press release contains forward-looking information. The forward-looking
statements are made pursuant to the Safe Harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
may be significantly impacted by various factors, including sensitivity to
economic conditions and consumer confidence, possibility of limited ability to
expand Men's Wearhouse stores, possibility that certain of our expansion
strategies may present greater risks, changes in foreign currency rates and
other factors described in the Company's annual report on Form 10-K for the
fiscal year ended February 2, 2013. For additional information on Men's
Wearhouse, please visit the Company's websites at www.menswearhouse.com,
www.mooresclothing.com, www.kgstores.com, www.twinhill.com,
www.dimensions.co.uk and www.alexandra.co.uk.
Dennard- Lascar Associates
SOURCE The Men's Wearhouse
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