Express, Inc. Announces $140 Million in Additional Financing to Bolster Liquidity
01/14/21, 11:49 AM
Location
columbusMoney raised
$140 million
Fashion apparel retailer Express, Inc. (NYSE: 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.
Company Info
Location
columbus, mississippi, united states
Additional Info
Express is a modern, versatile, dual gender apparel and accessories brand that helps people get dressed for every day and any occasion. Launched in 1980 with the idea that style, quality and value should all be found in one place, Express has always been a brand of the now, offering some of the most important and enduring fashion trends. Express aims to Create Confidence & Inspire Self-Expression through a design & merchandising view that brings forward The Best of Now for Real Life Versatility.