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JPMorgan Chase Agents $900MM Refi for Tailored Brands

April 10, 2018, 07:02 AM
Filed Under: Apparel

Tailored Brands, Inc. announced that it has refinanced its existing Term Loan due June 2021, extending its maturity to April 2025.

Tailored Brands Chief Financial Officer Jack Calandra said, "We are pleased to have refinanced our term loan and extended its maturity at attractive rates.  We continue to execute our strategy to use free cash flow to reduce our debt and improve our financial flexibility."

Immediately prior to the refinancing, the existing Term Loan consisted of $593.4 million in aggregate principal amount with an interest rate of LIBOR plus 3.50% and $400.0 million in aggregate principal amount with a fixed rate of 5.0% per annum.  Upon entering into the refinancing, the Company made a prepayment of $93.4 million on its existing Term Loan using cash on hand.

As a result, the Company refinanced $900.0 million in aggregate principal amount then outstanding with a new Term Loan totaling $900.0 million.  The new Term Loan was issued at a price equal to 99.5% of its face value, with an interest rate of LIBOR plus 3.50% and maturing on April 9, 2025, subject to a springing maturity provision relative to the Company's senior notes.

JPMorgan Chase Bank, N.A. was the lead arranger, administrative agent and joint book runner, with Bank of America Merrill Lynch and Wells Fargo Securities, LLC as joint lead arrangers and joint book runners for the syndicated credit facility.

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