Regis Corp. Announces the Closing of a New Five-Year, $260 Million Unsecured Revolving Credit Facility & Redemption of the Co...
29 March 2018 - 9:00PM
Business Wire
Regis Corporation (NYSE: RGS), a leader in the haircare
industry, whose primary business is owning, operating and
franchising hair salons, announced today that it has closed on a
new unsecured $260 million, five-year revolving credit facility
that expires in March 2023. The new revolver replaces the Company’s
previous $200 million, unsecured, five-year credit facility that
was due to expire in June 2018. Bank of America and KeyBanc are the
Joint Lead Arrangers and Joint Bookrunners of this new
facility.
The Company also announced that it has exercised its right to
redeem its $123 million, 5.5% high-yield notes due December 2019.
The Company noted that it intends to retire the notes with $36
million from cash on hand and $90 million of borrowing under the
new revolving credit facility.
Andrew Lacko, Executive Vice President and CFO stated, “These
transactions represent an important step in the Company’s
operational and strategic turnaround. The replacement of the
current credit facility with an upsized revolver, in conjunction
with the retirement of the Sr. Term Notes, ensures the Company will
have access to sufficient long-term liquidity levels while
maintaining optimum balance sheet flexibility to support its
on-going transformation.”
About Regis Corporation
Regis Corporation (NYSE:RGS) is a leader in beauty salons and
cosmetology education. As of December 31, 2017, the Company owned,
franchised or held ownership interests in 8,883 worldwide
locations. Regis’ corporate and franchised locations operate under
concepts such as Supercuts®, SmartStyle®, MasterCuts®, Regis
Salons®, Sassoon®, Cost Cutters®, Roosters® and First Choice
Haircutters®. Regis maintains an ownership interest in Empire
Education Group in the U.S. For additional information about the
Company, including a reconciliation of certain non-GAAP financial
information and certain supplemental financial information, please
visit the Investor Information section of the corporate website at
www.regiscorp.com. To join Regis Corporation’s email alert list,
click on this link:
http://www.b2i.us/irpass.asp?BzID=913&to=ea&Nav=1&S=0&L=1
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version on businesswire.com: https://www.businesswire.com/news/home/20180329005285/en/
REGIS CORPORATION:Paul Dunn, 952-947-7915VP, Finance and
Investor Relations
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