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ABERCROMBIE & FITCH CO /DE/ FILES (8-K) Disclosing Other Events

July 14, 2014

Item 8.01. Other Events. On July 14, 2014, Abercrombie & Fitch Co. (the "Company") issued a news release (the "News Release") announcing that it had initiated a process to refinance its existing credit facilities. The existing credit facilities consist of a $350 million unsecured revolving credit facility under the Company's Amended and Restated Credit Agreement maturing July 27, 2016 (the "Revolving Credit Facility") and a $150 million term loan under the Company's Term Loan Agreement ("Term Loan A") maturing February 23, 2017. The new credit facilities are expected to consist of a $400 million Asset-Based Revolving Credit Facility and a $325 million Term Loan B maturing five and seven years, respectively, after the closing date of the facilities. The closing of the new credit facilities will be subject to, among other things, negotiation, successful syndication, execution and delivery of definitive loan documentation and various customary closing conditions. Proceeds from the Term Loan B are expected to be used to pay off the remaining $131.5 million balance under the existing Term Loan A, to repay outstanding borrowings of $60 million under the existing Revolving Credit Facility and to pay related fees and expenses associated with the transaction. The balance of the proceeds will be used for general corporate purposes, including potential share repurchases in accordance with the Company's previously-announced stock repurchase authorizations. The Company does not expect, other than for an immaterial amount of outstanding letters of credit, to draw down on the Asset-Based Revolving Credit Facility at closing. The terms of the refinancing could materially differ from those described above and no assurances can be given that the refinancing will be consummated by the Company. A copy of the News Release is included with this Current Report on Form 8-K as Exhibit 99.1 and incorporated herein by this reference. Item 9.01. Financial Statements and Exhibits.



(a) through (c) Not applicable

(d) Exhibits:

The following exhibits are included with this Current Report on Form 8-K:

Exhibit No. Description

99.1 New Release issued by Abercrombie & Fitch Co. on July 14, 2014

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Source: Edgar Glimpses


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