Bank of America, JP Morgan and Truist completed an amendment to Sally Beauty’s existing secured asset-based revolving line of credit, increasing the borrowing capacity by $120 million.

The increase was achieved through a $100 million increase of the revolving line of credit and the addition of a $20 million FILO term loan facility. Total capacity is now $620 million, with $395 million drawn and $364 million of cash on the balance sheet as of March 31, 2020. The facility expires in July 2022.

“The combination of our aggressive cash management efforts in the face of COVID-19 and this expansion of borrowing capacity in collaboration with Bank of America, JP Morgan and Truist provides Sally Beauty Holdings with additional liquidity with which to navigate the COVID-19 impact to our business,” Chris Brickman, president and CEO of Sally Beauty, said.

Sally Beauty is an international specialty retailer and distributor of professional beauty supplies.