Aris Corp., which has stores in Utah, has completed the final step of its previously announced debt refinancing.
The transaction refinanced the $21 million remaining portion of a $43.1 million bridge loan due in March 1992. In November, the company had announced the refinancing of approximately $22 million of the bridge loan.The new financing consists primarily of a 10-year term loan provided by Executive Life Insurance Co. as well as a two-year real estate facility. As part of the entire refinancing package, Executive Life will receive newly issued shares representing approximately 12.45 percent of Aris common stock outstanding.
Aris' sole operating unit is Lamonts Apparel Inc., a Pacific Northwest specialty apparel retailer with 49 stores in Utah, Washington, Oregon, Alaska, Montana and Idaho.
Leonard Snyder, chairman and chief executive officer of Lamonts, said: "I am extremely pleased that our refinancing has been completed. The new capital structure puts Lamonts in an excellent position to continue expanding its highly successful branded apparel strategy throughout the Western United States."