CIT Serves as Lead Arranger for $110 Million Financing for Joe’s Jeans’ Acquisition of Hudson Clothing
10 Outubro 2013 - 9:30AM
Business Wire
Combination Creates Leading Premium Denim
Company with Significant Growth Potential
CIT Group Inc. (NYSE:CIT) cit.com,
a leading provider of financing and advisory services to small
businesses and middle market companies, today announced that CIT
Capital Markets served as lead arranger in a $110 million financing
for Joe’s Jeans Inc. (NASDAQ:JOEZ), a casual, chic lifestyle brand
offering a unique interpretation on classic, modernized wardrobe
staples such as premium denim, to finance the acquisition of Hudson
Clothing Holdings, Inc., a leading global designer and marketer of
women’s and men’s premium branded denim apparel.
CIT Capital Markets served as Lead Arranger and Bookrunner for
the transaction, which consisted of a $50 million senior secured
revolving credit facility and a $60 million term loan. CIT Trade
Finance will serve as the Administrative Agent and lender for the
revolver and will also provide factoring services to the combined
companies. Terms of the transaction were not disclosed.
“Joe’s Jeans and Hudson are firmly established brands in the
premium denim industry that had established comprehensive factoring
and financing relationships with CIT that provided for accounts
receivable and inventory financing,” said Jon Lucas, President of
CIT Trade Finance. “We’re pleased both companies recognized our
deep expertise and gave us the opportunity to arrange financing
that supports this transaction.”
Marc Crossman, President and CEO of Joe’s Jeans Inc., said,
“Hudson is an American premium brand that presents numerous
opportunities to our newly combined entity. Although each company
will remain distinctly separate in terms of design and brand, the
combination of our two organizations will realize additional
benefits through increased purchasing authority with current and
future vendors and production cost savings.”
Peter Kim, CEO of Hudson Clothing Holdings, Inc., said, “We’re
excited by this union as our combined operations will build upon
each other’s strengths. CIT’s ability to roll up their sleeves,
coupled with their deep industry expertise in retail and apparel as
well as industry-leading client service continues to distinguish
CIT from its competition.”
EDITOR’S NOTE:
View CIT’s corporate overview video (cit.com/corporatevideo)
that showcases our support of the small business, middle market and
transportation sectors.
Follow us on Twitter: @citgroup, on LinkedIn:
LinkedIn.com/company/cit, on YouTube: YouTube.com/citgroupvideo,
and on Facebook: facebook.com/citgroup. Individuals interested in
receiving corporate news releases can register at
cit.com/newsalerts or subscribe to the RSS feed at cit.com/rss.
About Joe’s Jeans Inc.
Joe's Jeans is a casual, chic lifestyle brand offering a unique
interpretation on classic, modernized wardrobe staples encompassing
a versatile range of timeless styles from premium denim and luxe
collection pieces to contemporary accessories and footwear. With
over a decade in fashion, Joe's® has remained true to their DNA
throughout their expansion, embracing fashion innovation in the
creation of a full faceted line for Men, Women and Kids. Joe’s® is
available coast to coast in the USA and internationally throughout
Europe, Asia, Canada, Latin America and the Middle East.
joesjeans.com
About Hudson Clothing Holdings, Inc.
Hudson Clothing, a wholly owned subsidiary of Joe’s Jeans, is a
leading global designer and marketer of women’s and men’s premium
branded denim apparel. Hudson’s products include a core denim line
as well as non-denim tops and bottoms. As a global fashion brand,
Hudson continuously innovates within its product line, introducing
new styles, washes, cuts, fabrics and colors, all designed under
the premise of one superior fit. Hudson’s products are available at
department stores and selective boutique and specialty stores
around the country, as well as premier retailers in over 30
countries around the world. hudsonjeans.com
About CIT Trade Finance
CIT Trade Finance is a leading provider of factoring services in
the United States for companies that sell into retail channels of
distribution. It provides accounts receivable factoring, trade
credit protection, accounts receivable management and asset-based
lending to manufacturers and importers. cit.com/tradefinance
About CIT
Founded in 1908, CIT (NYSE:CIT) is a bank holding company with
more than $35 billion in financing and leasing assets. It provides
financing and leasing capital and advisory services to its clients
and their customers across more than 30 industries. CIT maintains
leadership positions in small business and middle market lending,
factoring, retail finance, aerospace, equipment and rail leasing,
and vendor finance. CIT operates CIT Bank (Member FDIC), its
primary bank subsidiary, which, through its online bank
BankOnCIT.com, offers a suite of savings options designed to help
customers achieve a range of financial goals. cit.com
CIT MEDIA RELATIONS:C. Curtis Ritter,
973-740-5390Director of Corporate
CommunicationsCurt.Ritter@cit.comorMatt Klein, 973-597-2020Vice
President, Media RelationsMatt.Klein@cit.comorCIT INVESTOR
RELATIONS:Ken Brause, 212-771-9650Executive Vice
PresidentKen.Brause@cit.com
Differential Brands Group Inc. (NASDAQ:DFBG)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Differential Brands Group Inc. (NASDAQ:DFBG)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024
