Jan. 14, 2021
Here is the article.
Fashion apparel retailer Express, Inc. (NYSE: EXPR) today announced that it has entered into a definitive loan agreement with Sycamore Partners as lead lender, along with Wells Fargo and Bank of America Merrill Lynch, that strengthens its liquidity position by an additional $140 million. The new financing includes a $90 million FILO Term Loan with a maturity date of May 24, 2024, and a $50 million Delayed Draw Term Loan, to be repaid upon receipt of a CARES Act tax refund expected to be received in the second quarter of 2021. This financing is in addition to the Company’s existing $250 million asset-based loan facility, of which it had previously drawn $165 million.
Express storefront at Easton Town Center in Columbus, Ohio. (Photo: Business Wire)
"We continue to effectively manage our financial liquidity. I expect this additional capital will support the Company through the duration of the pandemic, and allow us to continue the important and transformational work of the EXPRESSway Forward strategy." said Tim Baxter, Chief Executive Officer.
Kirkland & Ellis LLP served as legal advisor and Lazard Fréres & Co. LLC served as financial advisor to the Company in connection with the financing transaction. Latham & Watkins LLP served as legal advisor to Sycamore Partners.
Jan. 15, 2021
Sentimental is hard to believe. There is no foundamental change since Dec. 1, 2020. But investors just dropped EXPR stock and the value pulled back from 1.60 to 0.86. There is no fundamental change, but it is sentimental.
On Jan. 13, EXPR company released the news on secure of $180 million dollar loan. From worry about delising from NYSE, now the price went up 50% to $1.40. My friend reminded me that it is time to sell the stock. But I did not sell it. Since I did not purchase a lot at lowest price.
Investment is kind of fun activity. As long as I can understand the investors and corporate behavior, I can understand the market better. So I can make a lot of profit if I know how to act buy low and sell high principles.