Express amends $200 million ABL revolver, extends maturity to 2016

By Angela McDaniels

Tacoma, Wash., Aug. 4 - Express, Inc. indirect subsidiary Express, LLC entered into an amended and restated $200 million secured asset-based loan facility on July 29, according to an 8-K filing with the Securities and Exchange Commission.

The ABL facility restates and extends the $200 million asset-based revolver that was scheduled to expire on July 6, 2012.

The restated facility will expire on July 29, 2016 and allows for up to $30 million of swingline advances and up to $45 million to be available for letters of credit.

The initial interest rate is Libor plus 175 basis points, and the commitment fee is 37.5 bps. The spread over Libor is either 150 bps, 175 bps or 200 bps and depends on excess availability.

The borrowing base components are 90% of credit card receivables plus 90% of the liquidation value of eligible inventory plus 100% of borrowing base-eligible cash collateral (not to exceed 20% of the borrowing base) less certain reserves.

Wells Fargo Bank, NA is the administrative agent. U.S. Bank, NA is the syndication agent. Wells Fargo Capital Finance, LLC was the arranger and bookrunner.

Express is a Columbus, Ohio-based apparel retailer.

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