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|Candie's, Inc. Announces Commitment of $25 Million Financing and Agreement for $20 Million Interim Working Capital Facility with Tyco Capital|
|NEW YORK, Jan 16, 2002 (BUSINESS WIRE) -- Candie's, Inc. (NASDAQ: CAND)
("Candie's") announced today that it has executed a commitment letter for a $25
million credit facility with Tyco Capital Commercial Services (formerly CIT
Commercial Services) ("Tyco"), the financial subsidiary of Tyco International,
At the same time, Candie's announced that Tyco has agreed to an interim working
capital facility of $20 million, effective immediately, until the committed
facility is finalized.
The commitment calls for a three-year term loan facility of $12.5 million and a
$12.5 million working capital facility. The financing commitment is subject to
conditions including the completion of a satisfactory due diligence review of
the Company by Tyco and the execution of definitive documentation.
Neil Cole, CEO and President of Candie's said, "We are pleased with this
commitment from Tyco Capital and believe that the anticipated $25 million
arrangement involving both the term loan and the revolving facility serves as a
strong vote of confidence in our future. With good momentum in our wholesale
business, continued positive results from our own stores, and a significantly
strengthened balance sheet, we are poised to enter Fiscal 2003 in an excellent
About Candie's, Inc.
Candie's Inc. is a leading designer and marketer of young women's footwear,
apparel and accessories. The Company distributes its products through better
department and specialty stores nationwide, as well as through twelve
company-owned stores and specialty stores internationally. Candie's also owns
and markets footwear, accessories and apparel under the Bongo(R) trademark.
Candie's also arranges for the manufacture of footwear products for mass market
and discount retailers under the private label brand of the retailer or other
trademarks owned or licensed by Candie's. Additionally, the Candie's brand is
licensed for the manufacture, sale and distribution of fragrances and cosmetics,
handbags, sunglasses, watches, apparel and cell phone accessories. Candie's Inc.
operates www.candies.com. For investor information please visit the corporate
web site at www.candiesinc.com.
Forward Looking Statement Disclosure
The statements which are not historical facts contained in this press release
are forward looking statements that involve a number of known and unknown risks,
uncertainties and other factors all of which are difficult or impossible to
predict and many of which are beyond the control of the Company, which may cause
the actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or
implied by such forward looking statements. Such factors include, but are not
limited to the risks detailed in the Company's Securities and Exchange
Commission filings, and uncertainty associated with the impact on the company in
relation to recent events discussed in the Company's form 10-K for fiscal 2001.
Readers are cautioned not to place undue reliance on these forward-looking
CONTACT: Candie's Inc.
Richard Danderline, 914/769-8600
Integrated Corporate Relations, Inc.
James R. Palczynski, 203/222-9145
Copyright (C) 2002 Business Wire. All rights reserved.