Premium brand Guess has announced that it has expanded its access to capital in North America.
In a press release, the fashion retailer said it has entered into a 150 million dollar senior secured asset-based revolving credit facility with a term of five years.
The facility both amends and extends its existing 120 million dollar amount by up to 150 million dollars, however is still subject to certain conditions.
Earlier this year, the label secured a new 250 million euros European credit facility that focused on three core pillars; ‘Operating with Integrity’, ‘Empowering our People’ and ‘Protecting the Environment’.
Like its European counterpart, the new North American credit facility will also include annual interest rate and fee adjustments based on the company’s achievement of outlined sustainability goals in its operating and manufacturing processes.
Speaking on the news, Guess CEO, Carlos Alberini, said: “We are very pleased to finalise this credit facility, which expands our access to capital in North America and extends our existing facility for another five years.
“Combined with this year’s new 250 million euro European facility, the Company will now have access to over 400 million dollars of capital across both North America and Europe, which reflects our lenders’ confidence in our business strategies and financial position.
“Importantly, both facilities also include sustainability incentives, which align our financial and sustainability goals and underscore our commitment to protecting the environment by integrating sustainability into our operations.”