Regis calls 5˝% notes due 2019 for redemption

New York, March 29 – Regis Corp. will redeem its $123 million of 5˝% notes due 2019, according to a news release.

Funding for the redemption will come from $90 million of borrowings under a new $260 million five-year revolving credit facility and from $36 million of cash on hand.

Regis did not disclose the date on which the notes will be redeemed.

“These transactions represent an important step in the company’s operational and strategic turnaround,” said Andrew Lacko, executive vice president and chief financial officer, in the news release.

“The replacement of the current credit facility with an upsized revolver, in conjunction with the retirement of the [notes], ensures the company will have access to sufficient long-term liquidity levels while maintaining optimum balance sheet flexibility to support its on-going transformation.”

Regis is a Minneapolis owner, operator and franchiser of hair salons.

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