Express Refinances Its Capital Structure To Expand Liquidity

Fashion apparel retailer Express Inc EXPR has taken steps to refinance its capital structure and expand its liquidity access while reducing interest rate exposure.
It increased the maximum revolver amount by $40 million to $290 million by amending its current $250 million Senior Secured Asset-Based Revolving Credit Facility.
The company also refinanced and reduced its fixed debt exposure by amending its current $140 million Senior Secured Asset-Based Term Loan Credit Facility.
Express refinanced its $90 million First-In-Last-Out (FILO) Term Loan and terminated its $50 million Delayed Draw Term Loan (DDTL), of which $43 million was previously paid down.
Under the terms of the Amended Term Loan Facility, Express can use proceeds from the $52 million CARES Act receivable to pay down outstanding term debt.
"With enhanced financial flexibility, we believe we are well-positioned to continue executing our EXPRESSway Forward strategy and pursuing growth opportunities," said CFO Jason Judd.
Price Action: EXPR shares are trading higher by 4.62% at $1.36 in premarket on the last check Tuesday.