Blair Gets $200 Million Financing Guarantee for Stock Repurchase

Blair Corp., Warren, PA, received a commitment from PNC Financial Services Group for $200 million in financing. The money will be used, in part, to finance Blair’s previously announced stock buyback program.

By using most of the $200 million it will receive from PNC and $40 million in cash reserves, Blair will be able to buy back 4.4 million shares of stock, at a price of $42 per share. Blair anticipates beginning its buyback program no later than Aug. 1.

Blair will repay this credit line with proceeds from the sale of its credit portfolio to Alliance Data Systems Corp. The sale is expected to go through in fourth-quarter 2005.