Bloomberg reports Nine West Holdings Inc.’s senior lenders have agreed to lift a loan restriction in order to give the struggling footwear chain breathing room to get through the holiday season, according to people with knowledge of the matter.
The Bloomberg article notes that the Sycamore Partners LLC-owned company has reworked a $275 million credit facility by removing a debt covenant that was limiting how much it could access. This is according to people who asked not to be named because the negotiations were private.
As part of the deal, the financing was also split into a $250 million credit line and a $25 million term loan, the people said. Bloomberg says lenders of the term loan include Gordon Brothers Group and Wells Fargo & Co.
View the Bloomberg article: Nine West Said to Seal Deal With Lenders to Survive Holidays.