- Huw Hughes |
Express has secured a further 140 million dollars in financing to help bolster its liquidity.
The fashion retailer has entered into a definitive loan agreement with Sycamore Partners as lead lender, along with Wells Fargo and Bank of America Merrill Lynch.
The new financing includes a 90 million dollar FILO Term Loan and a 50 million dollar Delayed Draw Term Loan.
“We continue to effectively manage our financial liquidity,” said CEO Tim Baxter in a statement. “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 financing is in addition to the company’s existing 250 million dollar asset-based loan facility, of which it had previously drawn 165 million dollars.
Photo credit: Express