Wilsons The Leather Experts amends loan, waiving defaults, changing covenants

By Sara Rosenberg

New York, April 15 - Wilsons The Leather Experts Inc. entered into an agreement to amend its $180 million revolver, waiving defaults under previous ratio covenants, increasing advance rates and advancing an anticipated fourth quarter income tax refund.

The revolver is due in June 2005 and is provided by GE Capital, CIT, Wells Fargo, LaSalle and US Bank.

"Our amended agreement fulfills our anticipated working capital requirements. As a seasonal business, our relationship with our commercial banking group is very important to us. We are pleased with our amended agreement and the flexibility that it provides us," said Joel Waller, chief executive officer, in a news release.

Wilsons Leather is a Brooklyn Park, Minn. retailer of leather outerwear.

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