The North Face Announces $130 Million Global Credit Facility
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 Commission.
SOURCE The North Face
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