The North Face Announces $130 Million Global Credit Facility

Sep 16, 1998, 01:00 ET from The North Face

    SAN LEANDRO, Calif., Sept. 16 /PRNewswire/ -- The North Face, Inc.
 (Nasdaq:   TNFI ) today announced it has entered into a new five year
 $130 million Global Senior Secured Revolving Credit Facility led by the
 Industrial Bank of Japan (IBJ) Group:  IBJ, Ltd. and IBJ Schroder Business
 Credit Group. Bank of America and Banque Nationale de Paris (BNP) are
 co-agents in this facility.
     The new multi-currency facility replaces the Company's two existing bank
 facilities, which were geographically focused rather than global.
     Jim Fifield, Chief Executive Officer of The North Face commented, "We are
 pleased to have obtained the support of IBJ and regard this new credit
 facility as a vote of confidence in our current business and our strategic
 direction. This will enable us to fund future expansion and support our
 working capital requirements as we grow."
     The North Face, Inc. designs and distributes technically sophisticated
 outerwear, skiwear, functional sportswear, tents, sleeping bags, backpacks and
 daypacks under The North Face(R) name. The Company sells its products to
 select specialty retailers throughout the United States, Europe and Canada.
     This press release may contain certain forward-looking statements
 reflecting the Company's current expectations including statements regarding
 expected future growth. Actual results may vary significantly from those
 estimated. Factors that could cause future performance to vary from current
 expectations include, but are not limited to, the ability of the Company to
 grow and to effectively manage growth in global markets, the ability of the
 Company to realize improvements in profitability, and other general economic
 conditions affecting consumer spending and other factors. Further information
 on potential factors that could affect the financial results of The North Face
 are included in the Company's Report on Form 10Q for the quarter ended
 June 30, 1998 which is on file with the SEC. Other factors that could cause
 future performance to vary from current expectations include those set forth
 in other filings made by the Company with the Securities and Exchange

SOURCE The North Face