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