Consumer
J. Crew Prices $450 Million Loan at One of Year’s Highest Levels
- Deal carries a margin which puts the loan’s rate above 11%
- The clothing retailer is infamous for a 2016 debt maneuver
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J. Crew, the preppy clothing retailer notorious for kicking off a wave of controversial financial maneuvers, priced a $450 million leveraged loan Tuesday to refinance debt after lowering borrowing costs during the marketing process.
It’s the firm’s first such deal in several years, and signals some forgiveness on investors’ part. In credit circles, J. Crew is perhaps best known for shuffling assets out of reach from creditors in a 2016 transaction that sparked the current wave of “creditor-on-creditor violence.”