Bank of America
lead a $150 million credit for apparel retailer
Ann Taylor, Inc.,
refinancing the company's $150 million revolving credit set to
mature this June.
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
%. 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.
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.