Tommy Hilfiger Corporation announced today that its wholly-owned subsidiary, Tommy Hilfiger U.S.A., Inc., has closed on a $150 million, cash-collateralized, 364-day, letter of credit facility to be used for normal trade financing and other general purposes. As part of this transaction, Tommy Hilfiger U.S.A., Inc.'s current revolving credit facility, which was due to expire on July 1, 2005, was terminated.
J.P. Morgan Securities Inc. is the sole lead arranger for this new facility, with JPMorgan Chase Bank, N.A., as Administrative Agent, Fleet National Bank as Documentation Agent, and Wachovia Bank, National Association as Syndication Agent.
Tommy Hilfiger Corporation, through its subsidiaries, designs, sources and markets men's and women's sportswear, jeanswear and childrenswear under the Tommy Hilfiger trademarks. Through a range of strategic licensing agreements, the Company also offers a broad array of related apparel, accessories, footwear, fragrance and home furnishings. The Company's products can be found in leading department and specialty stores throughout the United States, Canada, Europe, Mexico, Central and South America, Japan, Hong Kong, Australia and other countries in the Far East, as well as the Company's own network of specialty and outlet stores in the United States, Canada and Europe.