Sally Beauty Holdings, Inc. Announces Repayment of 5.50% Senior Notes Due 2023
April 01 2021 - 3:08PM
Business Wire
Sally Beauty Holdings, Inc.
(NYSE: SBH) (“the Company”), the leader in professional hair color,
today announced that it has fully repaid the outstanding balance of
$197 million on its 5.50% senior unsecured notes due 2023,
effective April 1, 2021. The repayment was funded with excess cash
and reflects continued progress toward deleveraging the Company’s
balance sheet.
As of March 31, 2021, the Company had approximately $375 million
of cash on-hand and a zero balance outstanding on its asset-based
revolving line of credit. Given the Company’s strong liquidity
position and proven ability to navigate through the COVID-19
pandemic, the Company made the strategic decision to execute an
additional round of debt reduction.
“Today’s debt reduction represents another positive step in our
stated commitment to deleverage our balance sheet. Including this
debt repayment, the Company has now reduced its debt levels by over
$850 million since September 2020,” said Marlo Cormier, chief
financial officer.
About Sally Beauty Holdings, Inc.
Sally Beauty Holdings, Inc. (NYSE: SBH), as the leader in
professional hair color, sells and distributes professional beauty
supplies globally through its Sally Beauty Supply and Beauty
Systems Group businesses. The Company operates more than 5,000
stores, including 143 franchised locations. Sally Beauty Supply
stores offer up to 8,000 products for hair color, hair care, skin
care, and nails through proprietary brands such as Ion®, Generic
Value Products®, Beyond the Zone® and Silk Elements® as well as
professional lines such as Wella®, Clairol®, OPI®, Conair® and Hot
Shot Tools®. Beauty Systems Group stores, branded as CosmoProf® or
Armstrong McCall® stores, along with its outside sales consultants,
sell up to 10,500 professionally branded products including Paul
Mitchell®, Wella®, Matrix®, Schwarzkopf®, Kenra®, Goldwell®, Joico®
and CHI®, intended for use in salons and for resale by salons to
retail consumers. For more information about Sally Beauty Holdings,
Inc., please visit https://www.sallybeautyholdings.com/.
Cautionary Notice Regarding Forward-Looking
Statements
Statements in this news release and the schedules hereto which
are not purely historical facts or which depend upon future events
may be forward-looking statements within the meaning of Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Forward-looking
statements, as that term is defined in the Private Securities
Litigation Reform Act of 1995, can be identified by the use of
forward-looking terminology such as “believes,” “projects,”
“expects,” “can,” “may,” “estimates,” “should,” “plans,” “targets,”
“intends,” “could,” “will,” “would,” “anticipates,” “potential,”
“confident,” “optimistic,” or the negative thereof, or other
variations thereon, or comparable terminology, or by discussions of
strategy, objectives, estimates, guidance, expectations and future
plans. Forward-looking statements can also be identified by the
fact these statements do not relate strictly to historical or
current matters.
Readers are cautioned not to place undue reliance on
forward-looking statements as such statements speak only as of the
date they were made. Any forward-looking statements involve risks
and uncertainties that could cause actual events or results to
differ materially from the events or results described in the
forward-looking statements, including, but not limited to, the
risks and uncertainties related to COVID-19 and those described in
our filings with the Securities and Exchange Commission, including
our Annual Report on Form 10-K for the year ended September 30,
2020, and our most recent Quarterly Report on Form 10-Q for the
quarter ended December 31, 2020, as filed with the Securities and
Exchange Commission. Consequently, all forward-looking statements
in this release are qualified by the factors, risks and
uncertainties contained therein. We assume no obligation to
publicly update or revise any forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20210401005839/en/
Jeff Harkins Investor Relations 940-297-3877
Sally Beauty (NYSE:SBH)
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