Tailored Brands Announces Repricing of Senior Secured Term Loan
October 10 2018 - 4:15PM
Business Wire
Tailored Brands, Inc. (NYSE: TLRD) today announced that it has
successfully repriced its $896 million senior secured term
loan.
Tailored Brands Chief Financial Officer Jack Calandra said, “The
repricing of our term loan reflects our improved credit profile and
will reduce our annual cash interest expense by more than $2
million. We are pleased to have completed this transaction and will
continue to evaluate opportunities to further improve our capital
structure.”
The repricing was completed at par and reduces the interest rate
applicable to the Company’s term loan by 25 basis points from LIBOR
plus 350 basis points (with a LIBOR floor of 1.0%), to LIBOR plus
325 basis points (with a LIBOR floor of 1.0%). The maturity date of
the term loan, April 9, 2025, and all other material provisions
remain unchanged.
J.P. Morgan was the lead arranger and administrative agent, with
Bank of America Merrill Lynch and Wells Fargo Capital Finance as
joint lead arrangers and joint book runners for the repricing.
About Tailored Brands, Inc.
As the leading specialty retailer of men’s tailored clothing and
largest men’s formalwear provider in the U.S. and Canada, Tailored
Brands helps men love the way they look for work and special
occasions. We serve our customers through an expansive omni-channel
network that includes over 1,400 stores in the U.S. and Canada as
well as our branded e-commerce websites. Our brands include Men's
Wearhouse, Jos. A. Bank, Joseph Abboud, Moores Clothing for Men and
K&G. We also operate an international corporate apparel and
workwear group consisting of Dimensions, Alexandra and Yaffy in the
United Kingdom and Twin Hill in the United States.
For additional information on Tailored Brands, please visit the
Company’s websites at www.tailoredbrands.com,
www.menswearhouse.com, www.josbank.com, www.josephabboud.com,
www.mooresclothing.com, www.kgstores.com, www.dimensions.co.uk,
www.alexandra.co.uk and www.twinhill.com.
This press release contains forward-looking information,
including the Company’s statements regarding reductions in annual
cash interest expense. In addition, words such as “expects,”
“anticipates,” “envisions,” “targets,” “goals,” “projects,”
“intends,” “plans,” “believes,” “seeks,” “estimates,” “guidance,”
“may,” “projections,” and “business outlook,” variations of such
words and similar expressions are intended to identify such
forward-looking statements. The forward-looking statements are made
pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. Any forward-looking statements that
we make herein are not guarantees of future performance and actual
results may differ materially from those in such forward-looking
statements as a result of various factors. Factors that might cause
or contribute to such differences include, but are not limited to:
actions or inactions by governmental entities; domestic and
international macro-economic conditions; inflation or deflation;
the loss of, or changes in, key personnel; success, or lack
thereof, in formulating or executing our internal strategies and
operating plans including new store and new market expansion plans;
cost reduction initiatives and revenue enhancement strategies;
changes in demand for clothing or rental product; market trends in
the retail business; customer confidence and spending patterns;
changes in traffic trends in our stores; customer acceptance of our
merchandise strategies, including custom clothing; performance
issues with key suppliers; disruptions in our supply chain; severe
weather; foreign currency fluctuations; government export and
import policies, including the enactment of duties or tariffs;
advertising or marketing activities of competitors; the impact of
cybersecurity threats or data breaches and legal proceedings.
Forward-looking statements are intended to convey the Company’s
expectations about the future, and speak only as of the date they
are made. We undertake no obligation to publicly update or revise
any forward-looking statements that may be made from time to time,
whether as a result of new information, future developments or
otherwise, except as required by applicable law. However, any
further disclosures made on related subjects in our subsequent
reports on Forms 10-K, 10-Q and 8-K should be consulted. This
discussion is provided as permitted by the Private Securities
Litigation Reform Act of 1995, and all written or oral
forward-looking statements that are made by or attributable to us
are expressly qualified in their entirety by the cautionary
statements contained or referenced in this section.
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version on businesswire.com: https://www.businesswire.com/news/home/20181010005851/en/
Tailored Brands, Inc.Investor RelationsJulie MacMedan,
281-776-7575VP, Investor Relationsir@tailoredbrands.com
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