NEW YORK--(BUSINESS WIRE)--Vince Holding Corp. (NYSE:VNCE), a leading global luxury apparel and accessories brand, today announced the closing of a new $27.5 million senior secured term loan facility and a new $80 million senior secured revolving credit facility.
The new Term Loan Facility replaces the Company’s prior $29 million term loan facility maturing in November 2019. The new Revolving Credit Facility replaces the Company’s prior revolving credit facility, which was capped at $70 million, and carries a slightly improved interest rate of either LIBOR plus 1.5% to 2% or the prime rate plus 0.5% to 1%. For more information about the Term Loan Facility and the Revolving Credit Facility, please refer to the Company’s current report on Form 8-K filed with the Securities and Exchange Commission concurrently with this release.
David Stefko, EVP, Chief Financial Officer of Vince commented, “We are very pleased to have completed both the Term Loan Facility as well as the Revolving Credit Facility. Since we began our turnaround efforts, we have made great strides in enhancing our product assortments, repositioning and strengthening our wholesale channel partnerships and elevating our focus on the direct-to-consumer channel, all of which have generated highly favorable response as reflected in our first quarter results. With this enhanced capital structure in place, we have even greater financial flexibility to continue to execute on our strategic initiatives and achieve our long term growth objectives. We look forward to sharing more with you on our earnings call next month.”
About Vince
Established in 2002, Vince is a leading global luxury apparel and accessories brand best known for creating elevated yet understated pieces for every day. The collections are inspired by the brand’s California origins and embody a feeling of warm and effortless style. Vince designs uncomplicated yet refined pieces that approach dressing with a sense of ease. Known for its range of luxury products, Vince offers women’s and men’s ready-to-wear, shoes, and capsule collection of handbags, and home for a global lifestyle. Vince products are sold in prestige locations worldwide. As of June 11, 2018, the Company operated 44 full-price retail stores, 14 outlet stores and its e-commerce site, vince.com. The Company is headquartered in New York and operates a design studio in Los Angeles. Please visit www.vince.com for more information.
