New York City Jones Apparel Group said Tuesday it has renegotiated the terms of its $650 million senior credit line, resulting in lower fees and interest rates for the clothing maker.
Under the amended terms, the credit line's maturity date is extended to May 13, 2015. Jones also is allowed to refinance its senior notes due 2014.
The credit line is primarily used as backing for letters of credit and other supply chain needs, but also may be used as working capital and for general corporate purposes, the company said.
So far, the company hasn't borrowed any cash under the credit line.