CANTON, Mass., Oct. 31, 2014 /PRNewswire/ -- Destination XL Group, Inc. (NASDAQ: DXLG), the largest multi-channel specialty retailer of big & tall men's apparel, announced today that it has increased its existing asset-based revolving line of credit with Bank of America, N.A. by $25 million to $125 million. In addition, the Company entered into a new agreement with Wells Fargo Capital Finance for a $15 million five-year senior secured second lien term loan.
"These new financing agreements provide us with additional liquidity and financial flexibility as we execute our plan to complete the conversion to Destination XL by the end of fiscal 2017," said President and CEO David Levin. "This was an opportune time to increase our borrowing capacity on favorable terms. We look forward to continuing our alliance with Bank of America and establishing a stronger relationship with Wells Fargo."
Destination XL will release its third-quarter fiscal 2014 financial results before the market opens on Friday, November 21, 2014.
About Destination XL Group, Inc.
Destination XL Group, Inc. is the largest multi-channel specialty retailer of big & tall men's apparel with operations throughout the United States, Canada and in London, England. The retailer operates under six brands: Destination XL®, Casual Male XL, Rochester Clothing, B&T Factory Direct, ShoesXL and LivingXL. Several e-commerce sites, including www.destinationxl.com, and direct mail generate the Company's direct-to-consumer business. With more than 2,000 private label and name brand styles to choose from, big and tall customers are provided with a unique blend of wardrobe solutions not available at traditional retailers. The Company is headquartered in Canton, Massachusetts. For more information, please visit the Company's investor relations website: http://investor.destinationxl.com.
SOURCE Destination XL Group, Inc.
