FILO | Jotup

Big Lots Boosts Liquidity, Adds Borrowing Capacity with New Term Loan Facility

Retrieved on:

Thursday, April 18, 2024

ABL, Big Lots, FILO, Health, Security (finance), 8-K, PNC Financial Services

COLUMBUS, Ohio, April 18, 2024 /PRNewswire/ -- Big Lots, Inc. (NYSE: BIG), America's Discount Home Store, announced today it has increased its borrowing capacity by up to $200 million with a new "first in, last out" term loan facility (the "FILO Term Loan Facility") through 1903P Loan Agent, LLC, an affiliate of Gordon Brothers Capital. The FILO Term Loan Facility significantly enhances the Company's liquidity position and is incremental to the borrowing capacity within the Company's current $900 million asset-based revolving loan facility ("ABL").

Key Points:

COLUMBUS, Ohio, April 18, 2024 /PRNewswire/ -- Big Lots, Inc. (NYSE: BIG), America's Discount Home Store, announced today it has increased its borrowing capacity by up to $200 million with a new "first in, last out" term loan facility (the "FILO Term Loan Facility") through 1903P Loan Agent, LLC, an affiliate of Gordon Brothers Capital.
The FILO Term Loan Facility significantly enhances the Company's liquidity position and is incremental to the borrowing capacity within the Company's current $900 million asset-based revolving loan facility ("ABL").
Citigroup Global Markets, Inc. acted as the exclusive financial advisor to the Company on the FILO Term Loan Facility.
More details about the FILO Term Loan Facility will be included in a forthcoming 8-K filing with the Securities and Exchange Commission.

JOANN Enters into Agreement to Reduce Debt and Receive $132 Million in New Capital and Related Financial Accommodations with Strong Support of Key Financial and Industry Stakeholders

Retrieved on:

Monday, March 18, 2024

Growth, Lazard, Security (finance), United States bankruptcy court, Bankruptcy, ABL, Creativity, Interim, Latham & Watkins, TSA, FILO

HUDSON, Ohio, March 18, 2024 (GLOBE NEWSWIRE) -- JOANN Inc. (NASDAQ: JOAN) (“JOANN” or the “Company”), the nation’s category leader in sewing and fabrics with one of the largest arts and crafts offerings, today announced that it has entered into a Transaction Support Agreement (“TSA” or “Agreement”) with a majority of its financial stakeholders and additional industry financing parties to strengthen the Company’s financial position. In connection with the TSA, the Company has received commitments for approximately $132 million in new financing and related financial accommodations and expects to reduce funded debt on its balance sheet by approximately $505 million. The parties have also agreed to a six-month extension of the Company’s existing ABL and FILO credit facilities, effective upon the Company’s emergence from the court-supervised process. Under the TSA and related transaction documents, all obligations to employees, vendors, landlords, and other trade creditors will be paid or otherwise satisfied in full and honored in the ordinary course of business.

Key Points:

In connection with the TSA, the Company has received commitments for approximately $132 million in new financing and related financial accommodations and expects to reduce funded debt on its balance sheet by approximately $505 million.
We appreciate the support from our financial and industry stakeholders in this agreement, and their confidence in our ability to continue driving positive business change.
With the significant support of the Company’s financial stakeholders, JOANN expects to complete this process on an expedited basis, as early as late April 2024.
Gibson Dunn & Crutcher LLP is serving as legal counsel to certain of the Company’s term lenders, with Lazard serving as financial advisor.

JOANN Enters into Agreement to Reduce Debt and Receive $132 Million in New Capital and Related Financial Accommodations with Strong Support of Key Financial and Industry Stakeholders

Retrieved on:

Monday, March 18, 2024

Growth, Lazard, Security (finance), United States bankruptcy court, Bankruptcy, ABL, Creativity, Interim, Latham & Watkins, TSA, FILO

HUDSON, Ohio, March 18, 2024 (GLOBE NEWSWIRE) -- JOANN Inc. (NASDAQ: JOAN) (“JOANN” or the “Company”), the nation’s category leader in sewing and fabrics with one of the largest arts and crafts offerings, today announced that it has entered into a Transaction Support Agreement (“TSA” or “Agreement”) with a majority of its financial stakeholders and additional industry financing parties to strengthen the Company’s financial position. In connection with the TSA, the Company has received commitments for approximately $132 million in new financing and related financial accommodations and expects to reduce funded debt on its balance sheet by approximately $505 million. The parties have also agreed to a six-month extension of the Company’s existing ABL and FILO credit facilities, effective upon the Company’s emergence from the court-supervised process. Under the TSA and related transaction documents, all obligations to employees, vendors, landlords, and other trade creditors will be paid or otherwise satisfied in full and honored in the ordinary course of business.

Key Points:

In connection with the TSA, the Company has received commitments for approximately $132 million in new financing and related financial accommodations and expects to reduce funded debt on its balance sheet by approximately $505 million.
We appreciate the support from our financial and industry stakeholders in this agreement, and their confidence in our ability to continue driving positive business change.
With the significant support of the Company’s financial stakeholders, JOANN expects to complete this process on an expedited basis, as early as late April 2024.
Gibson Dunn & Crutcher LLP is serving as legal counsel to certain of the Company’s term lenders, with Lazard serving as financial advisor.

Sabre expands its accounts receivable securitization facility to $235 million and increases liquidity

Retrieved on:

Tuesday, April 2, 2024

Exchangeable, Growth, PNC Financial Services, Sabre Corporation, PNC, Senior, SABR, Debt-to-GDP ratio, FILO, Bank

SOUTHLAKE, Texas, April 2, 2024 /PRNewswire/ -- Sabre Corporation (NASDAQ: SABR) ("Sabre" or the "Company"), a leading technology provider to the global travel industry, today announced that its indirect subsidiary, Sabre Securitization LLC, has increased the overall size of its existing accounts receivable securitization facility (the "AR Facility") from $200 million to $235 million and extended its maturity date to March 2027. The AR Facility now consists of a fully-funded $120 million "first-in, last-out" tranche (the "FILO Facility"), provided by various entities advised by affiliates of Centerbridge Partners, L.P. ("Centerbridge"), and a $115 million revolving tranche provided by the existing lender, PNC Bank N.A. ("PNC"). PNC will continue to act as the administrative agent.

Key Points:

SOUTHLAKE, Texas, April 2, 2024 /PRNewswire/ -- Sabre Corporation (NASDAQ: SABR) ("Sabre" or the "Company"), a leading technology provider to the global travel industry, today announced that its indirect subsidiary, Sabre Securitization LLC, has increased the overall size of its existing accounts receivable securitization facility (the "AR Facility") from $200 million to $235 million and extended its maturity date to March 2027.
The transactions described above, including the establishment of the FILO Facility, increased the drawn amount under the AR Facility from approximately $120 million immediately prior to the transactions to approximately $232 million immediately after the transactions.
As a result of execution of these transactions and closing of the FILO Facility and amended AR facility, Sabre has reduced its 2025 funded debt maturities by over $300 million and increased its liquidity by over $70 million.
Together with the 2023 transactions, Sabre has refinanced approximately $1,832 million, or almost 90%, of the debt that was previously maturing in 2025.

The ODP Corporation Announces Fourth Quarter and Full Year 2023 Results

Retrieved on:

Wednesday, February 28, 2024

Operating results in the fourth quarter of 2023 included $74 million of charges, primarily related to a $68 million non-cash impairment of goodwill in its Varis business unit.

Key Points:

Operating results in the fourth quarter of 2023 included $74 million of charges, primarily related to a $68 million non-cash impairment of goodwill in its Varis business unit.
Adjusted results for the fourth quarter of 2023 exclude charges and credits totaling $74 million as described above and the associated tax impacts.
Fourth quarter of 2023 adjusted EBITDA was $73 million compared to $89 million in the prior year period.
Adjusted Free Cash Flow(3) was $43 million in the fourth quarter of 2023, compared to $147 million in the prior year period.

Florida firefighter launches fire-resistant apparel company offering firefighters affordable, hassle-free uniforms

Retrieved on:

Wednesday, February 21, 2024

Cancer, Woman, Obesity, Fertility, FILO, Risk, Liver, Frustration, Thyroid disease, Firefighter, PFAS, Nomex

JACKSONVILLE, Fla., Feb. 21, 2024 /PRNewswire/ -- Embarking on a personal mission to supply firefighters with safe, convenient, more affordable uniforms, Florida Federal Firefighter/EMT-turned-entrepreneur Sean Conant announced the launch of a new line of fire-resistant clothing: FILO Apparel.

Key Points:

JACKSONVILLE, Fla., Feb. 21, 2024 /PRNewswire/ -- Embarking on a personal mission to supply firefighters with safe, convenient, more affordable uniforms, Florida Federal Firefighter/EMT-turned-entrepreneur Sean Conant announced the launch of a new line of fire-resistant clothing: FILO Apparel .
FILO Apparel makes affordable PFAS-free Nomex fire station pants and shirts for firefighters with free shipping.
"The company was born out of frustration when shopping for my own uniforms.
FILO Apparel uniforms are currently available for purchase at www.filoapparel.com for individual firefighters.

Hudson Technologies Announces Full Repayment of Outstanding Term Debt

Retrieved on:

Monday, August 21, 2023

Maintenance, Partnership, Air conditioning, Credit agreements in South Africa, TCW, Refrigeration, FILO, Wells Fargo, Hudson, Growth, Credit, Heating, ventilation, and air conditioning, Heat, Bank, Ventilation

In addition, on July 31, 2023 Hudson repaid in full its $15 million first-in-last-out (“FILO”) term loan.

Key Points:

In addition, on July 31, 2023 Hudson repaid in full its $15 million first-in-last-out (“FILO”) term loan.
Over the last 15 months, the Company has paid down $100 million of term loan and FILO debt combined, resulting in over $10 million of annual savings on interest expense, inclusive of any prepayment fees.
Brian F. Coleman, President and Chief Executive Officer of Hudson Technologies commented, “Our strong operating performance has enabled us to aggressively pay down our debt during the last several quarters, culminating with the full repayment of our term loans, well ahead of the March 2, 2027 maturity date.
This repayment will enable us to further reduce interest expense and enhance our leverage ratio.

Diebold Nixdorf confirms closing on $55 million of additional liquidity

Retrieved on:

Tuesday, March 21, 2023

ABL, Diebold Nixdorf, DBD, Growth, Security (finance), ATM, Development, Cyprus Securities and Exchange Commission, NYSE, FILO, SCO, Bank

HUDSON, Ohio, March 21, 2023 /PRNewswire/ -- Diebold Nixdorf (NYSE: DBD) today announced an amendment to its asset-based credit facility (ABL) to add a new $55 million first-in-last-out term loan (FILO) tranche. Additionally, Diebold Nixdorf's ABL lenders have agreed to certain other modifications and waivers to the ABL facility, allowing them to continue to work together collaboratively to develop an updated borrowing framework. The existing $250 million non-FILO ABL tranche commitments remain in place.

Key Points:

The existing $250 million non-FILO ABL tranche commitments remain in place.
At this time, expected 2023 first quarter revenue of approximately $835 million would represent about 6% growth compared with the same period last year.
Octavio Marquez, Diebold Nixdorf chairman, president and chief executive officer, said: "We are pleased to have secured the FILO loan to provide financing for our near-term priorities.
Diebold Nixdorf is filing additional details related to the FILO in an 8-K filing with the Securities and Exchange Commission.

Save A Lot Announces Successful Refinancing Transactions

Retrieved on:

Thursday, January 5, 2023

Supermarket, Retail, Discount, Variety, Food, Beverage, Growth, Save-A-Lot, Term loan, Credit, FILO, Sale, Term, ABL, Bank, Supermarket, Retail, Discount, Variety, Food, Beverage

Moran Foods, LLC (Save A Lot) today announced the successful closing, effective December 30, 2002, on the refinancing of debt facilities put in place at the time of the Company’s 2020 restructuring.

Key Points:

Moran Foods, LLC (Save A Lot) today announced the successful closing, effective December 30, 2002, on the refinancing of debt facilities put in place at the time of the Company’s 2020 restructuring.
A total of approximately $22 million of existing Second-Lien Term Loans were not extended and will mature on October 1, 2024.
The Company also extended $15 million of commitments under the Super-Senior Credit Facility to June 30, 2026.
The benefits of this include improved liquidity, increased operational flexibility, and lower borrowing costs,” said Leon Bergmann, Chief Executive Officer of Save A Lot.

Tuesday Morning Secures Commitment for Strategic Investment from Group led by Retail Ecommerce Ventures, the Owner of Pier 1 Imports and Top Consumer Brands

Retrieved on:

Friday, September 9, 2022

DALLAS, Sept. 09, 2022 (GLOBE NEWSWIRE) -- Tuesday Morning Corporation (NASDAQ: TUEM) (“Tuesday Morning” or the “Company”), a leading off-price retailer of home goods and décor, today announced that it has entered into an agreement to secure $32 million in convertible debt financing from a special purpose vehicle (“SPV”) formed by Retail Ecommerce Ventures LLC (“REV”), the owner of a diverse portfolio of consumer brands that includes Pier 1 Imports (“Pier 1”), Linens ‘n Things, Stein Mart, Modell’s Sporting Goods, and Ayon Capital, LLC (“Ayon”). Additionally, certain members of Tuesday Morning’s management team, including Chief Executive Officer Fred Hand, are providing $3 million in convertible debt financing.

Key Points:

REV, founded by Tai Lopez and Alex Mehr in 2019, has significant experience acquiring retail brands and partnering with management teams to deploy ecommerce-focused strategies.
We look forward to making our transformation expertise, technology capabilities and the Pier 1 brand available to the Company.
Our experienced and proven team is the right partner at the right time for Tuesday Morning.
By making this significant investment, we are excited to be part of the next chapter at Tuesday Morning, including its loyal customers and wonderful employees.