J.Crew launches debt refinancing

J.Crew Group said June 12 that it has launched a debt swap to exchange $566.6 million in debt due 2019 for an equity stake in the company and bonds that mature in 2021. At least 95 percent of J.Crew bondholders must agree to the proposal, Bloomberg said. J.Crew, which has more than $2 billion in debt, has been negotiating with lenders to refinance its debt, the Wall Street Journal said. Leonard Green & Partners and TPG Capital acquired J.Crew in 2010 in a $3 billion take-private. Last week, J.Crew said Mickey Drexler would step down as CEO but remain chairman, according to press reports.

DealsNorth AmericaUSBriefs