December 21, 2014 8:08 PM ET

Specialty Retail

Company Overview of Lerner New York, Inc.

Company Overview

Lerner New York, Inc. operates as an apparel retailer. The company offers fashionable clothing, such as jeans, dresses, party looks, holiday dresses, evening dresses, and coordinates; shoes and boots; and accessories, including sunglasses, costume jewelry, and hosiery for women. It offers its products through its mall-based Lerner New York and New York & Company stores in the United States. The company was incorporated in 1985 and is based in New York, New York. Lerner New York, Inc. operates as a subsidiary of New York & Company Inc.

450 West 33rd Street

5th Floor

New York, NY 10001-2603

United States

Founded in 1985

Phone:

212-736-1222

Fax:

212-884-2396

Key Executives for Lerner New York, Inc.

Chief Executive Officer
Age: 69
Compensation as of Fiscal Year 2014.

Lerner New York, Inc. Key Developments

Lerner New York, Inc., Lernco, Inc. and Lerner New York Outlet, Inc. Enter into Fourth Amended and Restated Loan and Security Agreement with Wells Fargo Bank, National Association

On October 24, 2014, Lerner New York, Inc., Lernco, Inc. and Lerner New York Outlet, Inc. entered into a fourth amended and restated loan and security agreement with Wells Fargo Bank, National Association, as agent and term loan agent and the lenders party thereto. The obligations under the loan agreement are guaranteed by New York & New York & Company, Inc., Inc. and its other subsidiaries. The loan agreement amended and restated the third amended and restated loan and security agreement, dated August 10, 2011, among Lerner New York, Inc., Lernco, Inc., and Lerner New York Outlet, Inc. as borrowers, together with Wells Fargo Bank, National Association, as agent and the lenders party thereto, as amended. The existing agreement was scheduled to mature on August 10, 2016. All capitalized terms used herein without definition have the meanings ascribed to such terms in the loan agreement. The amendments to the existing agreement provide for, but are not limited to: an extension of the term of the revolving credit facility to October 24, 2019; a reduction of interest rates related to the revolving credit facility,; a reduction of certain fees related to the revolving credit facility; and a $15 million, 5-year term loan, bearing interest at the adjusted Eurodollar rate plus 4.50%. The New York & Company, Inc. plans to use the proceeds from the term loan to pay for costs associated with the moving and build-out of its new corporate headquarters at 330 West 34th Street, New York, New York. The revolving borrowing availability under the revolving credit facility remains unchanged, providing the New York & Company, Inc. with up to $100 million of credit, consisting of a $75 million revolving credit facility with a fully committed accordion option that allows the New York & Company, Inc. to increase the revolving credit facility up to $100 million or decrease it to a minimum of $60 million, subject to certain restrictions. The maximum borrowing availability under the New York & Company, Inc.'s revolving credit facility also remains unchanged and is determined by a monthly borrowing base calculation based on applying specified advance rates against inventory and certain other eligible assets. Under the loan agreement, the New York & Company, Inc. continues to be subject to a minimum excess availability covenant of $7.5 million. The loan agreement contains other covenants and conditions, including restrictions on the New York & Company, Inc.'s ability to pay dividends on its common stock, prepay the Term Loan, incur additional indebtedness and to prepay, redeem, defease or purchase other debt. Subject to such restrictions, the New York & Company, Inc. may incur more debt for working capital, capital expenditures, stock repurchases, acquisitions and for other purposes. Under the terms of the loan agreement, the interest rates applicable to revolving loans have been reduced and Revolving Loans now bear interest, at the New York & Company, Inc.'s option, either at a floating rate equal to the adjusted Eurodollar rate plus a margin of between 1.50% and 1.75% per year for Eurodollar Rate Loans or a floating rate equal to the Prime Rate plus a margin of between 0.50% and 0.75% per year for Prime Rate Loans, depending upon the New York & Company, Inc.'s average compliance excess availability. The fees the New York & Company, Inc. pays to the Lenders under the revolving credit facility have also been reduced and now the New York & Company, Inc. pays a monthly fee on outstanding commercial letters of credit at a rate of between 0.75% and 0.875% per year and on standby letters of credit at a rate of between 1.50% and 1.75% per year, depending upon the New York & Company, Inc.'s average compliance excess availability, plus a monthly fee on a proportion of the unused commitments under the revolving credit facility at a rate of 0.25% per year.

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