New York—J. Crew Group is reportedly looking for a $1.57 billion load to refinance its debt, according to sources quotes Friday by Bloomberg News.
The retailer, which is owned by TPG Capital and Leonard Green & Partners LP, has a $1.18 billion term loan due 2018 that pays 3 percentage points more than the Libor, Libor, the benchmark rate for leveraged loans, will have a 1% floor, Bloomberg noted.
The retailer may sell the new loan for 99.5 cents on the dollar, said the person with knowledge of the refinancing. Investors have until 5 p.m. on Feb. 27 to let the banks know whether they will participate in the deal. J. Crew evidently hired Bank of America Corp. and Goldman Sachs Group Inc. to arrange the financing.
J. Crew, which was acquired by TPG and Leonard Green in a $3 billion buyout in 2011, reported a 9% increase in sales to $2.4 billion for the year ended Feb. 1. Its fourth quarter sales were up 7% to $686 million while comparable store sales rose 4%. Direct net sales rose 10%.
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