The Jones Group Inc. (ticker: JNY, exchange: New York Stock Exchange (.N))
News Release -
Jones Apparel Group, Inc. Obtains $1 Billion 5-Year Bank Credit Facility
NEW YORK, June 24 /PRNewswire-FirstCall/ -- Jones Apparel Group, Inc.
(NYSE: JNY) today announced that it has successfully obtained a $1 billion
5-year revolving bank credit facility which extends to June 15, 2009.
Citigroup Global Markets Inc. and J.P. Morgan Securities Inc. were Joint Lead
Arrangers for the facility. Other titled roles included Citibank, N.A. and
JPMorgan Chase Bank as Syndication Agents, Wachovia Bank, National Association
as Administrative Agent, and Bank of America, N.A., SunTrust Bank and Barclays
Bank PLC as Documentation Agents. The facility was broadly syndicated with a
total of 26 banks and other financial institutions participating. It will
primarily be used for working capital, letters of credit and other general
Wesley R. Card, Chief Operating and Financial Officer, stated, "We are
very pleased with the overwhelming support of so many outstanding financial
institutions. Combined with an existing revolving credit facility which
extends to June 10, 2006, and was voluntarily reduced from $700 million to
$500 million, Jones Apparel Group has $1.5 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. (http://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, Evan-
Picone, Norton McNaughton, Gloria Vanderbilt, Erika, l.e.i., Energie, Nine
West, Easy Spirit, Enzo Angiolini, Bandolino, Napier, Judith Jack, Kasper,
Anne Klein, Albert Nipon and LeSuit. The Company also markets apparel under
the Polo Jeans Company brand licensed from Polo Ralph Lauren Corporation,
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. For more than 30 years, 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
2003 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.
/CONTACT: Wesley R. Card, Chief Operating and Financial Officer, or Anita
Britt, Executive Vice President Finance of Jones Apparel Group,
/Web site: http://www.jny.com /
CO: Jones Apparel Group, Inc.; Citigroup Global Markets Inc.; J.P. Morgan
Securities Inc.; Citibank, N.A.; JPMorgan Chase Bank; Wachovia Bank,
National Association; Bank of America, N.A.; SunTrust Bank; Barclays
ST: New York
IN: FAS TEX FIN
-- PHTH006 --
5330 06/24/2004 08:01 EDT http://www.prnewswire.com