J. Crew gets $275 million subordinated term loan that may be exchanged for 9¾% bonds

By Sara Rosenberg

New York, Nov. 23 - J. Crew Operating Corp. entered into a $275 million 10-year senior subordinated term loan agreement with the potential to be exchanged for new 9¾% senior subordinated notes due 2014, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

The term loan will carry an interest rate of 9.75% and closing is targeted for on or around Dec. 23.

Black Canyon Capital LLC and Canyon Capital Advisors LLC are lenders under the term loan and U.S Bank is administrative agent.

Proceeds from the loan will be used to redeem in full the company's outstanding 10 3/8% senior subordinated notes due 2007 and to partially redeem J. Crew Intermediate LLC's 16% senior discount contingent principal notes due 2008.

J. Crew is a New York-based multi-channel retailer of women's and men's apparel, shoes and accessories.

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