The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
Jones Apparel Group, Inc. Obtains $700 Million 3-Year Bank Credit Facility
NEW YORK, June 11 /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc.
(NYSE: JNY) today announced that it has successfully obtained a $700 million
3-year revolving bank credit facility which extends to June 10, 2006. J.P.
Morgan Securities Inc. and Citigroup Global Markets Inc. were Joint Lead
Arrangers for the facility. Other titled roles included JPMorgan Chase Bank
and Citibank, N.A. as Syndication Agents, Wachovia Bank, N.A. as
Administrative Agent, and Fleet National Bank and Bank of America, N.A. as
Documentation Agents. The facility was broadly syndicated with a total of
19 banks and other financial institutions participating. It will primarily be
used for working capital, letters of credit and other general corporate
Wesley R. Card, Chief Operating and Financial Officer, stated, "We are
very pleased with the overwhelming support of so many outstanding financial
institutions, particularly during this period of volatility in the credit
markets and uncertain economic conditions. Combined with our existing
$700 million revolving credit facility which extends to June 15, 2004,
Jones Apparel Group has $1.4 billion of committed bank credit that 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, l.e.i., 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, and footwear and accessories under the
ESPRIT brand licensed from Esprit Europe, B.V. Celebrating more than 30 years
of service, the Company has built a reputation for excellence in product
quality and value, and in operational execution.
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
2002 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.
SOURCE Jones Apparel Group, Inc.