The fashion apparel retailer has secured a definitive loan totalling $140M to help bolster its liquidity.
The definitive loan agreement is led by Sycamore Partners, along with Wells Fargo and Bank of America Merrill Lynch. The new financing includes a $90M FILO Term Loan with a maturity date of May 24 2024, and a $50M Delayed Draw Term Loan.
Tim Baxter, Chief Executive Officer, commented: “We continue to effectively manage our financial liquidity. I expect this additional capital will support the Company through the duration of the pandemic, and allow us to continue the important and transformational work of the EXPRESSway forward strategy.”
This latest $140M financing is in addition to the company’s existing $250M asset-based loan facility, of which it had previously drawn $165M.
