Joann announces $100M FILO credit facility

JOANN announced that its subsidiary Jo-Ann Stores, LLC entered into a $100 million first-in last-out facility that will provide the company additional liquidity, help optimize the balance sheet, and drive free cash flow across the enterprise. The FILO Facility is an incremental facility to JOANN’s existing $500 million asset based revolving loan facility. On March 10, 2023, JOANN borrowed the full $100 million available under the FILO Facility. The proceeds from the FILO Facility will be used, in addition to cash on hand, to repay a portion of the outstanding amounts under the ABL and transaction costs. The FILO Facility will bear interest at the Secured Overnight Financing Rate plus 975 basis points, with one 100 basis point step-down and will be offered at par.