Lands’ End Announces New Term Loan
Company Refinances Existing Term Loan
New Loan Maturity In 2028
DODGEVILLE, Wis., Jan. 02, 2024 (GLOBE NEWSWIRE) — Lands’ End, Inc. (NASDAQ:LE) today announced that it has entered into a new term loan of $260 million. The loan proceeds were used to refinance the Company’s existing term loan well ahead of its maturity in September 2025. The loan is secured by a first lien on all non-ABL assets and a second lien on all ABL assets. Interest is payable monthly at an initial rate of 8.25% per annum plus the greater of SOFR or 2.0%. The initial rate is subject to a reduction to 8.00% and 7.75% based on the Company’s debt and EBITDA levels. Amortization is payable quarterly at 1.25% of original principal amount. The loan matures in December 2028.
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