About 100 investors piled into the BCBG showroom last Thursday for a bank meeting to launch $300 million in loans led by Goldman Sachs and Citigroup. The deal will refinance existing debt the company, whose official name is AZ3, has in place and fund the acquisition of Alain Manoukian, a French knitwear company. The acquisition has already closed. The financing consists of a five-year, $100 million ABL and a six-year, $200 million term loan. Pricing is expected this week. Commitments will be due around Oct. 20 or 21.
Potential investors got to see BCBG's lines up close, with mannequins throughout featuring the fashions. They were also addressed by Max Azria, chairman and ceo, along with Ben Malka, president, and Brian Fleming, cfo. Fleming did not return a call to his office. The company currently has about $100 million of previous debt, which includes an ABL facility provided by GMAC and a royalty-backed financing.