Express, Inc. Announces $140 Million in Additional Financing to Bolster Liquidity
EXPR today announced that it has entered into a definitive loan agreement with Sycamore Partners as lead lender, along with Wells Fargo and Bank of America Merrill Lynch, that strengthens its liquidity position by an additional $140 million.
The new financing includes a $90 million FILO Term Loan with a maturity date of May 24, 2024, and a $50 million Delayed Draw Term Loan, to be repaid upon receipt of a CARES Act tax refund expected to be received in the second quarter of 2021.
This financing is in addition to the Company’s existing $250 million asset-based loan facility, of which it had previously drawn $165 million.
finance.yahoo.com/ne...llion-114500812.html
EXPR today announced that it has entered into a definitive loan agreement with Sycamore Partners as lead lender, along with Wells Fargo and Bank of America Merrill Lynch, that strengthens its liquidity position by an additional $140 million.
The new financing includes a $90 million FILO Term Loan with a maturity date of May 24, 2024, and a $50 million Delayed Draw Term Loan, to be repaid upon receipt of a CARES Act tax refund expected to be received in the second quarter of 2021.
This financing is in addition to the Company’s existing $250 million asset-based loan facility, of which it had previously drawn $165 million.
finance.yahoo.com/ne...llion-114500812.html