Blair Corporation declares completion of financial agreement with PNC Bank
19 Jul '05
2 min read
Leading US apparel maker Blair Corporation announced that it had executed definitive agreements with PNC Bank, N.A. and other lenders, which will provide Blair with up to $200 million in financing. This financing will be used to fund, in part, Blair's previously announced self-tender offer and for general corporate purposes.
“With the financing secured, we are now able to move forward with our stock tender plan,” said John Zawacki, president and CEO. “Company believe that through this stock tender will continue to maximize shareholder value.”
Blair plans to utilize the majority of the proceeds from the sale of its credit portfolio to Alliance Data Systems to pay-off and terminate its $100 million receivables purchase facility and $25 million term loan facility under the referenced financing. “The closing of the Alliance Data Systems transaction remains on target for the fourth quarter of 2005,” stated Bryan Flanagan, senior vice president and CFO.
Headquartered in Warren, Pennsylvania, Blair Corporation sells a broad range of women's and men's apparel and home products through direct mail marketing.
Blair Corporation employs over 2,000 associates (worldwide) and operates facilities and retail outlets in Northwestern Pennsylvania as well as a catalog outlet in Wilmington, Delaware. The company, which has annual sales of approximately $500 million, is publicly traded on the American Stock Exchange.
marketing@alchempro.com
