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Strategies & Market Trends : Making Money is Main Objective

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To: Softechie who wrote (592)	1/23/2001 7:54:16 PM
From: Softechie	Read Replies (1) of 2155

Warnaco $2.56B Financing Extended Through Aug 12, 2002 Warnaco Group Financing -2:Provides Working Capital 06 Oct 16:16 NEW YORK (Dow Jones)--Warnaco Group Inc. (WAC) completed an agreement with its lenders to amend and extend up to $2.56 billion of existing financing facilities on a secured basis through Aug. 12, 2002. In a press release Friday, the clothing maker said the refinancing transactions were led by Bank of Nova Scotia (T.BNS), Salomon Smith Barney Inc., Citibank N.A., Morgan Guaranty Trust Co. of New York, Commerzbank A.G. (G.CBK) and Societe Generale. As part of the agreement, Warnaco will reduce overall lender commitments to $2.56 billion from $2.9 billion, providing sufficient working capital liquidity. On satisfaction of the closing condition and completion of the planned transactions, Warnaco will have no materially debt maturing before August 2002. Warnaco recently revised its third quarter operating loss to 45 cents to 50 cents a share. -Stephen Lee; Dow Jones Newswires; 201-938-5400 (END) DOW JONES NEWS 10-06-00 04:16 PM

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