The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
Jones Apparel Group, Inc. Renews $850 Million 364-Day Bank Credit Facility
NEW YORK, June 11 /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc.
(NYSE: JNY) today announced that it has renewed its $850 million 364-day bank
credit facility. The facility was Co-Arranged by Salomon Smith Barney Inc.
and J.P. Morgan Securities Inc. Other titled roles included Citibank, N.A.
and JPMorgan Chase Bank as Co-Syndication Agents, Wachovia Bank, N.A. as
Administrative Agent, and Bank of America, N.A. and Fleet National Bank as Co-
Documentation Agents. The facility was broadly syndicated with over 20 banks
and other financial institutions participating. It will primarily be used for
working capital, letters of credit and other general corporate purposes.
Wesley R. Card, Chief Operating and Financial Officer, stated, "We are
fortunate to have the support of so many outstanding financial institutions
particularly during this period of highly volatile credit markets and
uncertain economic conditions. Combined with our $700 million multi-year
revolving credit facility, the bank group's commitment to Jones Apparel Group
provides us with substantial financial flexibility as we continue to pursue
our multi-brand, multi-channel diversification strategy."
Jones Apparel Group, Inc. (www.jny.com), a Fortune 500 Company, is a
leading designer and marketer of branded apparel, footwear and accessories.
The Company's nationally recognized brands include: Jones New York; Lauren by
Ralph Lauren, Ralph by Ralph Lauren, and Polo Jeans Company, which are
licensed from Polo Ralph Lauren Corporation; Evan-Picone, Rena Rowan, Norton
McNaughton, Gloria Vanderbilt, Erika, Energie, Currants, Jamie Scott, Todd
Oldham, Nine West, Easy Spirit, Enzo Angiolini, Bandolino, Napier and Judith
Jack. The Company also markets costume jewelry under the Tommy Hilfiger brand
licensed from Tommy Hilfiger Corporation and the Givenchy brand licensed from
Givenchy Corporation. Celebrating more than 30 years of service, the Company
has built a reputation for excellence in product quality and value, and in
Certain statements herein are "forward-looking statements" made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements represent the Company's expectations
or beliefs concerning future events that involve risks and uncertainties,
including the strength of the economy and the overall level of consumer
spending, the performance of the Company's products within the prevailing
retail environment, and other factors which are set forth in the Company's
2001 Form 10-K and in all filings with the SEC made by the Company subsequent
to the filing of the Form 10-K. The Company does not undertake to publicly
update or revise its forward-looking statements as a result of new
information, future events or otherwise.
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SOURCE Jones Apparel Group, Inc.
Web site: http: //www.jny.com
CONTACT: Wesley R. Card, Chief Operating and Financial Officer, or Anita Britt, Executive Vice President - Finance, both of Jones Apparel Group, +1-215-785-4000