Land’s End announces new term loan

Lands’ End 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. The Company was advised on the refinancing transaction by Perella Weinberg Partners. The lending group includes Blue Torch Capital, Sculptor Capital Management, JPMorgan and Arbour Lane Capital Management.