A major apparel brand made headlines recently when it announced that it had secured a sizable revolving credit facility over the next five years from J.P. Morgan and Bank of America Merrill Lynch. Guess announced that it had gotten $200 million over the next five years as a revolving line of credit and will supersede its current $85 million line of credit, which was due to run out on September 30, 2011. In achieving the financing, the company's chairman, Maurice Marciano, said that the new funds would help ensure that initiatives could be realized thanks to its high business valuation
by the banks. "Our credit facility, combined with the company's operating cash flows and strong balance sheet and cash position, provide us the platform to access well over $1 billion of potential capital to pursue our global expansion efforts and any other opportunities," Marciano said in a statement. The brand made other news recently when it announced increased revenue in the first quarter, which ended on May 25. The company stated that total revenues have increased 10 percent to $592.2 million.