Lands' End Announces the Completion of a New $175 Million ABL Revolving Credit Facility That Refinances the Existing $175 Mil...
November 20 2017 - 7:09AM
Lands' End, Inc. (NASDAQ:LE) today announced that it has
successfully completed the closing of a new $175 million ABL
Revolving Credit Facility, which matures in November 2022.
The new Credit Facility refinances the existing $175 million
facility, with similar collateral support realization, but with
lower borrowing and unused facility costs. The ABL Revolving
Credit Facility was placed with institutional lenders and bears
interest at a rate of LIBOR plus 125 to 175 basis points, based
upon facility utilization.
James Gooch, Executive Vice President, Chief Operating Officer
and Chief Financial Officer, commented, “We are pleased to have
completed this new financing. It provides us with continued
access to strategic liquidity reserves, at a more favorable cost
structure, as we remain focused on executing our short- and
long-term initiatives to drive improved financial performance. We
appreciate the support of our current lenders and the new
institutional lenders who have joined our bank group. We look
forward to continuing to partner with them in the future.”
About Lands' End, Inc.
Lands' End, Inc. (NASDAQ:LE) is a leading
multi-channel retailer of casual clothing, accessories, footwear
and home products. We offer products through catalogs, online at
www.landsend.com and affiliated specialty and international
websites, and through retail locations. We are a classic American
lifestyle brand with a passion for quality, legendary service and
real value, and seek to deliver timeless style for women, men, kids
and the home.
Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties, including statements about access
to liquidity and execution of initiatives to drive financial
performance. All statements other than statements of historical
fact, including without limitation, those with respect to the
Company's goals, plans, expectations and strategies set forth
herein are forward-looking statements. The following important
factors and uncertainties, among others, could cause actual results
to differ materially from those described in these forward-looking
statements: the performance of our business could impact the
availability of funds under the Credit Facility; the Company may
not be able to successfully execute its short- and long-term
initiatives, and even if executed, they may not have their intended
impact on financial performance; and other risks, uncertainties and
factors discussed in the "Risk Factors" section of our Annual
Report on Form 10-K for the fiscal year ended January 27,
2017. We intend the forward-looking statements to speak only
as of the time made and do not undertake to update or revise them
as more information becomes available, except as required by
law.
CONTACTS:
Lands' End, Inc.James GoochChief Operating Officer and Chief
Financial Officer(608) 935-9341
Investor Relations:ICR, Inc.Jean Fontana(646)
277-1214Jean.Fontana@icrinc.com
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