Candie's, Inc. Announces Commitment of $25 Million Financing and Agreement for $20 Million Interim Working Capital Facility with Tyco Capital.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 16, 2002 Candie's, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CAND) ("Candie's") announced today that it has executed a commitment letter for a $25 million credit facility with Tyco Capital Commercial Services (formerly CIT n. 1. A citizen; an inhabitant of a city; a pert townsman; - used contemptuously. Which past endurance sting the tender cit. - Emerson. Commercial Services) ("Tyco"), the financial subsidiary of Tyco International For the unrelated division of Mattel, see . Tyco International Ltd. NYSE: TYC is a diversified manufacturing conglomerate incorporated in Bermuda, with United States operational headquarters in New Jersey. , Ltd. At the same time, Candie's announced that Tyco has agreed to an interim working capital facility of $20 million, effective immediately, until the committed facility Committed Facility A credit facility whereby terms and conditions are clearly defined by the lending institution and imposed upon the borrowing company. Notes: In committed facilities, the borrowing companies must meet specific requirements set forth by the lending is finalized. The commitment calls for a three-year term loan facility of $12.5 million and a $12.5 million working capital facility. The financing commitment is subject to conditions including the completion of a satisfactory due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. review of the Company by Tyco and the execution of definitive documentation. Neil Cole Neil Cole (born 1 March 1972) is an English television presenter, comedian, radio broadcaster and actor. Early life Cole was born in Bristol in 1972, and attended King Edward Grammar School in Chelmsford. He studied English & French Literature at Bristol University. , CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President of Candie's said, "We are pleased with this commitment from Tyco Capital and believe that the anticipated $25 million arrangement involving both the term loan and the revolving facility serves as a strong vote of confidence in our future. With good momentum in our wholesale business, continued positive results from our own stores, and a significantly strengthened balance sheet, we are poised to enter Fiscal 2003 in an excellent strategic position." About Candie's, Inc. Candie's Inc. is a leading designer and marketer of young women's footwear, apparel and accessories. The Company distributes its products through better department and specialty stores nationwide, as well as through twelve company-owned stores and specialty stores internationally. Candie's also owns and markets footwear, accessories and apparel under the Bongo(R) trademark. Candie's also arranges for the manufacture of footwear products for mass market and discount retailers under the private label brand of the retailer or other trademarks owned or licensed by Candie's. Additionally, the Candie's brand is licensed for the manufacture, sale and distribution of fragrances and cosmetics, handbags, sunglasses sunglasses A tinted pair of glasses used to ↓ light arriving at the eye, which are labeled according to the amount of UV light blocked; nonprescription glasses are classified according to use and amount of UV radiation blocked Sunglasses , watches, apparel and cell phone accessories. Candie's Inc. operates www.candies.com. For investor information please visit the corporate web site at www.candiesinc.com. Forward Looking Statement Disclosure The statements which are not historical facts contained in this press release are forward looking statements that involve a number of known and unknown risks, uncertainties and other factors all of which are difficult or impossible to predict and many of which are beyond the control of the Company, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward looking statements. Such factors include, but are not limited to the risks detailed in the Company's Securities and Exchange Commission filings, and uncertainty associated with the impact on the company in relation to recent events discussed in the Company's form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for fiscal 2001. Readers are cautioned not to place undue reliance on these forward-looking statements. |
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