American Apparel confirmed yesterday that it has secured an $80 million credit line from Crystal Financial, a firm backed by billionaire George Soros.
The hipster clothing chain also said it has pushed back the maturity date on a $90 million second-lien term loan from Lion Capital by two years to Dec. 31, 2015.
The Post first reported the new $80 million credit line on Monday.
Lion has agreed to ease covenants on the loan, while stock warrants awarded to Lion will be extended by four years. If certain financial targets aren’t met, the exercise price on Lion’s warrants will be lowered by 25 cents, the retailer said.
The credit facility consists of a $30 million term loan plus a $50 million line of revolving credit. Cowen & Co. was financial adviser to the retailer.