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B OF A To Launch $150 Mln Credit

21 Apr 2001

Bank of America will lead a $150 million credit for apparel retailer Ann Taylor, Inc., refinancing the company's $150 million revolving credit set to mature this June. First Union and FleetBoston Financial will act as syndication and documentation agents, respectively. An official at Ann Taylor declined to comment.

Sources said pricing on the new deal will begin at LIBOR plus 13/4 %. According to Capital Data Loanware, the maturing facility is priced at LIBOR plus 2% with pricing based on a grid based tied to the company's overall debt. Citibank was a lead arranger on the old facility, but it could not be determined if the bank would participate in the new deal. An official at Citibank did not return calls by press time.

21 Apr 2001