- Fashion apparel retailer Express Inc EXPR has taken steps to refinance its capital structure and expand its liquidity access while reducing interest rate exposure.
- It increased the maximum revolver amount by $40 million to $290 million by amending its current $250 million Senior Secured Asset-Based Revolving Credit Facility.
- The company also refinanced and reduced its fixed debt exposure by amending its current $140 million Senior Secured Asset-Based Term Loan Credit Facility.
- Express refinanced its $90 million First-In-Last-Out (FILO) Term Loan and terminated its $50 million Delayed Draw Term Loan (DDTL), of which $43 million was previously paid down.
- Under the terms of the Amended Term Loan Facility, Express can use proceeds from the $52 million CARES Act receivable to pay down outstanding term debt.
- "With enhanced financial flexibility, we believe we are well-positioned to continue executing our EXPRESSway Forward strategy and pursuing growth opportunities," said CFO Jason Judd.
- Price Action: EXPR shares are trading higher by 4.62% at $1.36 in premarket on the last check Tuesday.
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