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Express increases revolver to $290 million, refinances $90 million term loan
By Wendy Van Sickle
Columbus, Ohio, Nov. 28 – Express, Inc. said it undertook two transactions in support of a comprehensive plan to refinance its capital structure, according to a news release.
Specifically, the company said it amended its senior secured asset-based revolver, increasing the size by $40 million to $290 million and amended its senior secured asset-based term loan to refinance its $90 million first-in-last-out (FILO) term loan and terminate its $50 million delayed-draw term loan, of which $43 million was previously paid down.
For each facility, SOFR was incorporated to replace Libor as the interest rate benchmark.
The revolver has an applicable margin of 160 basis points to 185 bps, down from 200 bps to 225 bps.
The term loan’s margin is 750 bps, amended from a range of 700 bps to 825 bps.
Each facility will mature on Nov. 26, 2027.
The revolver was jointly led by Wells Fargo Bank, NA and Bank of America, NA with Wells Fargo serving as administrative agent and collateral agent.
For the term loan, Wells Fargo will serve as administrative agent and collateral agent. ReStore Capital acted as lead lender.
“We are pleased to complete these refinancing transactions, which bolster our liquidity access, strengthen our balance sheet, reduce our interest rate exposure and improve our capital structure,” Jason Judd, chief financial officer of Express, said in the release. “We will continue working to reduce debt exposure in 2023. 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.”
Express is a Columbus, Ohio-based apparel retailer.
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