Jones Apparel gets $1 billion bank credit

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NEW YORK, June 24 (UPI) -- Jones Apparel of New York said Thursday it obtained a $1 billion five-year revolving bank credit facility, extending to June 15, 2009.

The designer and marketer of branded apparel, footwear and accessories said Citigroup Global Markets and J.P. Morgan Securities were joint lead arrangers for the credit.

Others included Citibank and JPMorgan Chase Bank as syndication agents, Wachovia Bank, National Association as administrative agent, and Bank of America, SunTrust Bank and Barclays Bank as documentation agents.

Jones said the facility was broadly syndicated with a total of 26 banks and other financial institutions participating. It will primarily be used for working capital, letters of credit and other general corporate purposes.

Jones Apparel brands include Jones New York, Evan- Picone, Norton McNaughton, Gloria Vanderbilt, Erika, l.e.i., Energie, Nine West, Easy Spirit, Enzo Angiolini, Bandolino, Napier, Judith Jack, Kasper, Anne Klein, Albert Nipon and LeSuit.