J. Crew sets Thursday launch for $285 million term loan

By Sara Rosenberg

New York, April 24 - J. Crew Operating Corp. has scheduled a bank meeting for 9:30 a.m. ET Thursday to launch its proposed $285 million senior secured term loan, according to a market source.

Goldman Sachs, Bear Stearns and Wachovia are the lead banks on the deal, with Goldman the left lead.

The loan includes a $100 million accordion feature.

Proceeds will be used to repay or redeem the company's 9¾% senior subordinated notes due 2014.

The term loan is no longer conditioned on the completion of an initial public offering of common stock, as was the case last year when the company had syndicated, but was unable to complete, a $295 million term loan. That original term loan deal had been pulled from the market because of the postponement of the company's IPO.

J. Crew is a New York-based apparel and accessories retailer.

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