J.Jill completed the refinancing of its asset-based revolving credit facility, which was previously set to expire in May 2024. The new facility comes in the form of the sixth amendment to the ABL credit agreement with CIT, a division of First Citizens Bank, as the administrative and collateral agent. The facility is comprised of a $40 million revolving credit facility maturing in May 2028.
“With this latest refinancing, we have successfully strengthened our balance sheet through extending the maturities for both our ABL and term loan facilities, and increased the financial flexibility we have to deliver total shareholder return,” Mark Webb, chief financial and operating officer of J.Jill, said.
“CIT has had a successful relationship with J. Jill for more than a decade and again worked closely with leadership to understand their current needs,” Chris Esposito, managing director and group head for CIT’s asset-based lending business, said. “We were pleased to deliver financing to support their ongoing operations and future growth.”