Biscayne Apparel closes $63.5 million credit facility.CLIFTON, N.J.--(BUSINESS WIRE)--March 21, 1995--Biscayne Apparel Inc. (ASE (Adaptive Server Enterprise) A relational DBMS from Sybase that runs on Windows NT/2000, Linux and a variety of Unix platforms. ASE is a comprehensive and robust data management product with a long history dating back to the late 1980s. :BHA BHA butylated hydroxyanisole, an antioxidant used in foods, cosmetics, and pharmaceuticals that contain fats or oils. BHA n. A white, waxy phenolic antioxidant used to preserve fats and oils, especially in foods. ) announced Tuesday that it has closed a $63.5 million credit facility provided by a bank group led by The Chase Manhattan Bank The Chase Manhattan Bank, now part of JPMorgan Chase, was formed by the merger of the Chase National Bank and the Bank of the Manhattan Company in 1955. The bank is headquartered in New York City. , N.A. In addition to refinancing certain of Biscayne's existing indebtedness, this facility provides incremental financing for working capital growth and capital expenditures, and extinguishes the temporary financing Temporary Financing The sum of negotiated current liabilities and temporary spontaneous current liabilities. incurred in connection with Biscayne's November 1994 acquisition of M&L International Inc., a designer and manufacturer of children's outerwear. This facility includes a revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. loan of $56 million and a term loan of $7.5 million. Joining Chase in this facility are NatWest Bank, N.A., CoreStates Bank and Bank of Boston. John E. Pollack, president and chief executive officer of Biscayne, commented: ``The new credit facility supports the growth of our consolidated operations at a reduced cost of capital, and provides greater flexibility in our strategic planning. It also enables Biscayne to complete the financing of the acquisition of M&L International Inc.'' Biscayne Apparel Inc. is a diversified manufacturer, importer and exporter of apparel. Andy Johns Fashions International designs, imports and distributes women's and children's outerwear. M&L International Inc. designs, manufactures and distributes infants', toddlers', and children's outerwear, sportswear and swimwear. Mackintosh of New England Co. manufactures and imports women's wool coats and outerwear, and Varon manufactures girls' underwear and daywear day·wear n. Attire that is appropriate for use during the day. . Biscayne owns a minority interest in Hartwell Sports Inc., which manufactures casual jackets, knit shirts and activewear. CONTACT: Biscayne Apparel Inc., Miami A. Richard Hurwitz, 305/858-2200 or Biscayne Apparel Inc., Clifton Peter Vandenberg, 201/473-3240 |
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