J.P. Morgan Securities and Deutsche Morgan Grenfell./C.J. Lawrence Inc. have arranged $1.215 billion of financing for Spiegel Inc.
The two-part package will enable the Oak Brook, Ill.-based catalogue marketer to reorganize its credit facilities.
Spiegel said that J.P. Morgan and Morgan Grenfell co-arranged a $600 million revolving credit facility for general corporate purposes and a $615 million backup line for the company's asset-backed commercial paper program.
In a simultaneous transaction, the company modified approximately $800 million of bank term loans to conform with its new facilities.
"With these new credit arrangements in place we have centralized our borrowing arrangements within the Spiegel Group and further strengthened our capital structure to support our current and future funding requirements," said James W. Sievers, senior vice president and chief financial officer of Spiegel.
Spiegel Inc. is a leading international, multichannel specialty retailer marketing apparel and home furnishings to customers through catalogues, more than 400 specialty retail stores, and electronic shopping platforms.
The company's businesses include the Spiegel catalogue, Eddie Bauer, Newport News, and For You from Spiegel.