Express up 14c to $1.44 after announcing refinancing transactions

Express last night announced two transactions in support of "a comprehensive plan to refinance its capital structure and expand its liquidity access while concurrently reducing interest rate exposure and providing flexibility to pay down its outstanding term debt balance," including increasing the maximum revolver amount by $40M to $290M by amending its current $250M Senior Secured Asset-Based Revolving Credit Facility and refinancing and reducing Express’ fixed debt exposure by amending its current $140M Senior Secured Asset-Based Term Loan Credit Facility, including refinancing its $90M First-In-Last-Out Term Loan and terminating its $50M Delayed Draw Term Loan, of which $43M was previously paid down. "We are pleased to complete these refinancing transactions, which bolster our liquidity access, strengthen our balance sheet, reduce our interest rate exposure and improve our capital structure," said Jason Judd, Chief Financial Officer at Express. "We will continue working to reduce debt exposure in 2023. Under the terms of the Amended Term Loan Facility, Express can use proceeds from the $52 million CARES Act receivable to pay down outstanding term debt. With enhanced financial flexibility, we believe we are well-positioned to continue executing our EXPRESSway Forward strategy and pursuing growth opportunities." In early trading, shares of Express are up 14c, or 11%, to $1.44 following the refinancing news.