J.Jill, Inc. Utilizes Proceeds From $31 Million Primary Equity Offering to Pay Down Debt
June 24 2024 - 6:45AM
Business Wire
J.Jill, Inc. (NYSE:JILL) today announced that it has executed a
voluntary debt principal payment using net proceeds to the Company
of $31 million from its primary equity offering completed on June
14, 2024.
The debt principal repaid on June 21, 2024 was $27.2 million,
which reduced the amount outstanding under the Company’s term loan
to approximately $81 million. In addition to the principal, accrued
interest and a 3% voluntary premium were paid resulting in a total
payment of $28.8 million.
Claire Spofford, President and Chief Executive Officer of
J.Jill, Inc. stated, “We are pleased to deploy the proceeds from
our equity offering to further de-lever our balance sheet and
reduce interest expense. Through this step and our ongoing
commitment to our capital allocation priorities, we believe we are
well positioned to achieve our goal of operating with positive net
cash over time while continuing to invest in our growth.”
About J.Jill, Inc.
J.Jill is a national lifestyle brand that provides apparel,
footwear and accessories designed to help its customers move
through a full life with ease. The brand represents an easy,
thoughtful and inspired style that celebrates the totality of all
women and designs its products with its core brand ethos in mind:
keep it simple and make it matter. J.Jill offers a high touch
customer experience through over 200 stores nationwide and a robust
ecommerce platform. J.Jill is headquartered outside Boston. For
more information, please visit www.jjill.com or
http://investors.jjill.com. The information included on our
websites is not incorporated by reference herein.
Forward-Looking Statements
This press release contains, and oral statements made from time
to time by our representatives may contain, “forward-looking
statements.” All statements other than statements of historical
facts contained in this press release, including statements
regarding our strategy, future operations, future financial
position, future revenue, projected costs, prospects, plans,
objectives of management, expected market growth and any
activities, events or developments that we intend, expect or
believe may occur in the future are forward-looking statements.
Such statements are often identified by words such as “could,”
“may,” “might,” “will,” “likely,” “anticipates,” “intends,”
“plans,” “seeks,” “believes,” “estimates,” “expects,” “continues,”
“projects,” “goal,” “target” (although not all forward-looking
statements contain these identifying words) and similar references
to future periods, or by the inclusion of forecasts or projections.
Forward-looking statements are based on our current expectations
and assumptions regarding capital market conditions, our business,
the economy and other future conditions and are not guarantees of
future performance. Because forward-looking statements relate to
the future, by their nature, they are inherently subject to a
number of risks, uncertainties, potentially inaccurate assumptions
and changes in circumstances that are difficult to predict. As a
result, our actual results may differ materially from those
contemplated by the forward-looking statements. Important factors
that could cause actual results to differ materially from those in
any forward-looking statements include regional, national or global
political, economic, business, competitive, market and regulatory
conditions, including risks regarding: (1) our sensitivity to
changes in economic conditions and discretionary consumer spending;
(2) the material adverse impact of pandemics or other health crises
on our operations, business and financial results; (3) our ability
to anticipate and respond to changing customer preferences, shifts
in fashion and industry trends in a timely manner; (4) our ability
to maintain our brand image, engage new and existing customers and
gain market share; (5) the impact of operating in a highly
competitive industry with increased competition; (6) our ability to
successfully optimize our omnichannel operations, including our
ability to enhance our marketing efforts and successfully realize
the benefits from our investments in new technology, for example
our recently implemented point-of-sale system and the forthcoming
upgrade to our order management system; (7) our ability to use
effective marketing strategies and increase existing and new
customer traffic; (8) any interruptions in our foreign sourcing
operations and the relationships with our suppliers and agents; (9)
any increases in the demand for, or the price of, raw materials
used to manufacture our merchandise and other fluctuations in
sourcing and distribution costs; (10) any material damage or
interruptions to our information systems; (11) our ability to
protect our trademarks and other intellectual property rights; (12)
our indebtedness restricting our operational and financial
flexibility; (13) our ability to manage our inventory levels, size
assortments and merchandise mix; (14) our status as a controlled
company; and (15) other factors that may be described in our
filings with the Securities and Exchange Commission (the “SEC”),
including the factors set forth under “Risk Factors” in our Annual
Report on Form 10-K for the fiscal year ended February 3, 2024. You
are encouraged to read our filings with the SEC, available at
www.sec.gov, for a discussion of these and other risks and
uncertainties. We caution investors, potential investors and others
not to place considerable reliance on the forward-looking
statements in this press release and in the oral statements made by
our representatives. Any such forward-looking statement speaks only
as of the date on which it is made. J.Jill undertakes no obligation
to publicly update or revise any forward-looking statement, whether
as a result of new information, future developments or
otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240624382344/en/
Investor Relations: Caitlin Churchill ICR, Inc.
investors@jjill.com 203-682-8200
Business and Financial Media: Ariel Kouvaras Sloane &
Company akouvaras@sloanepr.com 973-897-6241
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