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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Wells Fargo, Bank of America Support Express’ Refinance of Revolving and Term Loan Facilities
Tuesday, November 29, 2022
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Lenders/Participants
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Wells Fargo Bank [Administrative Agent, Collateral Agent]
Bank of America [Lender]
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Structure
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Revolver Upsize to $290MM; $90MM FILO Term Loan
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Amount
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$380.000
Million
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Borrower(s)
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Express, Inc.
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Description
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Two transactions in support of a comprehensive plan to refinance its capital structure and expand its liquidity access while concurrently reducing interest rate exposure and providing flexibility to pay down its outstanding term debt balance. Increasing the maximum revolver amount by $40 million to $290 million by amending its current $250 million Senior Secured Asset-Based Revolving Credit Facility (the “Amended Revolving Credit Facility”). Refinancing and reducing Express’ fixed debt exposure by amending its current $140 million Senior Secured Asset-Based Term Loan Credit Facility (the “Amended Term Loan Facility”), including refinancing its $90 million First-In-Last-Out (“FILO”) Term Loan and terminating its $50 million Delayed Draw Term Loan (“DDTL”), of which $43 million was previously paid down. Express’ current $250 million Amended Revolving Credit Facility, jointly led by Wells Fargo Bank, N.A. (“Wells Fargo”) and Bank of America, N.A. (“Bank of America”), was amended and increased by $40 million to $290 million with Wells Fargo serving as administrative agent and collateral agent. The interest rate has been reduced by replacing the London Interbank Offered Rate (“LIBOR”) interest rate benchmark, which had an applicable margin of 2.00% to 2.25%, with the Secured Overnight Financing Rate (“SOFR”) interest rate benchmark, which has an applicable margin of 1.60% to 1.85%. The Amended Revolving Credit Facility will mature on November 26, 2027. At current applicable rates, the replacement of LIBOR with SOFR under the Amended Revolving Credit Facility reduces interest rate exposure by approximately 40 basis points. Express’ current $140 million Term Loan Facility was amended by refinancing its $90 million FILO Term Loan and terminating its $50 million DDTL. Wells Fargo will serve as administrative agent and collateral agent for the Amended Term Loan Facility. ReStore Capital acted as lead lender, with Wells Fargo and Bank of America also participating as lenders. The interest rate has been reduced by replacing LIBOR, which had an applicable margin of 7.00% to 8.25%, as the interest rate benchmark with SOFR, which has an applicable margin of 7.50%. The Amended Term Loan Facility will mature on November 26, 2027. At current applicable rates, the replacement of LIBOR with SOFR under the Amended Term Loan Facility reduces interest rate exposure by approximately 85 basis points.
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Industry
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Retail
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| Related Tags |
Bank of America, Wells Fargo Bank
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ABL Advisor
Deal Tables
2025
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