Lands’ End completed the closing of a new $175 million ABL revolving credit facility agented by Wells Fargo Capital Finance, which matures in November 2022.
The new credit facility refinances the existing $175 million facility agented by Bank of America, with similar collateral support realization, but with lower borrowing and unused facility costs. Wells Fargo Capital Finance has replaced Bank of America as administrative agent for the syndicate.
The ABL revolving credit facility was placed with institutional lenders and bears interest at a rate of LIBOR + 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.”
Follow the story on ABF Journal: