Talbots Secures Committed Credit Lines

Talbots Secures Committed Credit Lines
January 07, 2009

Hingham, Mass.-based Talbots Inc. has entered into agreements with three banks to secure $150 million in committed lines of credit, according to a Reuters report. The women's clothing retailer said it agreed with Mizuho Corporate Bank Ltd., Sumitomo Mitsui Banking Corp. and the Norinchukin Bank to convert each of their existing uncommitted working capital lines of $75 million, $50 million, and $25 million, respectively, to committed lines. Including Talbots' existing $50 million committed facility with Aeon Inc, a unit of Japan's Aeon Co. Ltd, the apparel chain said it has secured $200 million of its $215 million total working capital borrowing capacity. The company, which is majority-owned by Aeon Co, said it is currently in discussions with a fourth lending bank to convert the remaining $15 million uncommitted facility to a committed facility. Talbots also is trying to sell its underperforming J. Jill clothing brand.

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