Tailored Brands, Inc. has amended its asset-based revolving credit facility to $550 million from $500 million and extended its maturity to October 2022 from June 2019.
In an early morning disclosure Thursday, Jack Calandra, chief financial officer of the former Men’s Wearhouse, said, “Our amended credit agreement provides Tailored Brands an additional $50 million of financial flexibility at a lower cost and better maturity profile.”
The agreement includes a $100 million expansion feature and has an improved fee structure. It matures in October of 2022 and is subject to a springing maturity provision relative to the company’s other outstanding debt.
J.P. Morgan Chase Bank was the lead arranger and administrative agent, with Bank of America Merrill Lynch and Wells Fargo Capital Finance as joint lead arrangers and joint book runners, the company said.
Tailored Brands operates over 1,400 stores in the U.S. and Canada under the Men’s Wearhouse, Jos. A. Bank, Joseph Abboud, Moores Clothing for Men and K&G banners.