JOANN Announces $100 Million FILO Credit Facility and Schedules Fourth Quarter Fiscal 2023 Earnings Release and Conference Call
March 13 2023 - 8:30AM
JOANN Inc. (NASDAQ: JOAN) (“JOANN”), the nation’s category leader
in sewing and fabrics with one of the largest arts and crafts
offerings, announced today that its subsidiary Jo-Ann Stores, LLC
entered into a $100 million first-in last-out facility (the “FILO
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 (the “ABL”). 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
(“SOFR”) plus 975 basis points, with one 100 basis point step-down
and will be offered at par.
Additionally, JOANN plans to release its earnings the Fourth
Quarter Fiscal 2023 after the market closes on March 23, 2023 and
will host a conference call on the same day at 5:00 p.m. ET. The
FILO Facility will be discussed in more detail along with the
Fourth Quarter Fiscal 2023 Earnings during the March 23, 2023
conference call. The toll-free number to call for the live
interactive teleconference is: 1 (844) 481-2750 and international
dial in number is: 1 (412) 317-0666. Participants should ask to be
joined into the JOANN call.
The live broadcast of JOANN’s conference call will be available
online at investors.joann.com. The online replay will follow
shortly after the call and will be available for one year.
During the conference call, the Company may discuss and answer
questions concerning business and financial developments and trends
that have occurred after quarter-end. The Company’s responses to
questions, as well as other matters discussed during the conference
call, may contain or constitute information that has not been
disclosed previously.
About JOANNFor 80 years, JOANN has inspired creativity in the
hearts, hands, and minds of its customers. From a single storefront
in Cleveland, Ohio, the nation’s leader in sewing and fabrics with
one of the largest arts and crafts offerings has grown to include
840 stores across 49 states and a robust ecommerce business. With
the goal of helping every customer find their creative Happy Place,
JOANN serves as a convenient single source for all the supplies,
guidance, and inspiration needed to achieve any project or
passion.
Corporate Communications:
Amanda Hayes
amanda.hayes@joann.com
216-296-5887
Investor Relations
investor.relations@joann.com
JOANN (NASDAQ:JOAN)
Historical Stock Chart
From Jun 2024 to Jul 2024
JOANN (NASDAQ:JOAN)
Historical Stock Chart
From Jul 2023 to Jul 2024