Tailored Brands successfully repriced its $896 million senior secured term loan with J.P. Morgan as lead arranger and administrative agent.

Tailored Brands Chief Financial Officer Jack Calandra said, “The repricing of our term loan reflects our improved credit profile and will reduce our annual cash interest expense by more than $2 million. We are pleased to have completed this transaction and will continue to evaluate opportunities to further improve our capital structure.”

The repricing was completed at par and reduces the interest rate applicable to the company’s term loan by 25 basis points from LIBOR plus 350 basis points (with a LIBOR floor of 1.0%), to LIBOR plus 325 basis points (with a LIBOR floor of 1.0%). The maturity date of the term loan, April 9, 2025, and all other material provisions remain unchanged.

Bank of America Merrill Lynch and Wells Fargo Capital Finance served as joint lead arrangers and joint book runners on the repricing.

Tailored Brands’ is a national men’s clothing retailer. The company’s brands include Men’s Wearhouse, Jos. A. Bank, Joseph Abboud, Moores Clothing for Men and K&G.