Talbots Inc. (TLB) announced that it amended and restated its secured revolving loan agreement as entered into on April 10, 2009 with Aeon Co. Ltd., the company's majority shareholder, in order to repay all of its outstanding third party debt. Pursuant to the Agreement, the principal amount of the company's earlier $150 million secured credit facility with Aeon was increased to $250 million.
On December 29, Talbots drew $245 million under the Amended Facility and paid off all of its third party bank indebtedness totaling approximately $241 million in principal amount, in addition to other related costs and expenses associated with the amendment and debt repayment.
The Amended Facility has a scheduled maturity date of the earlier to occur of April 16, 2010 or the consummation of the previously announced plan for the merger between Talbots and BPW Acquisition Corp.
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