QUINCY, Mass.–(BUSINESS WIRE)–J.Jill, Inc. (NYSE JILL) (the “Firm”) at this time introduced it has obtained the required consents from its time period mortgage lenders to implement the beforehand introduced monetary restructuring transaction (“Transaction”) on an out of courtroom foundation. The Firm acquired consents from lenders holding 97.8% of the Firm’s time period loans (“Consenting Lenders”) on the phrases of the Transaction which can be meant to lead to a waiver of any previous non-compliance with the Firm’s credit score amenities and supply the corporate with further liquidity.
The Firm expects the Transaction to shut on or about September 30, 2020, topic to acquiring consent to the Transaction and a waiver of all present non-compliance with the phrases of the Firm’s asset-based credit score facility (“ABL Facility”) from the requisite lenders beneath the Firm’s ABL Facility, and finalizing the opposite phrases and documentation associated to the Transaction. Below the phrases of the Transaction, the maturity of sure taking part time period mortgage debt shall be prolonged to Could 2024, all present non-compliance with the phrases of the Firm’s credit score amenities shall be waived, the Firm shall be granted a monetary covenant vacation beneath sure taking part time period mortgage debt till This fall 2021, and can obtain an funding of at least $15 million within the type of a junior time period mortgage facility. The Transaction offers J.Jill with the monetary flexibility to proceed to satisfy its obligations to its distributors in full and proceed to execute on its marketing strategy.
As beforehand introduced, all vendor claims shall be unimpaired and paid within the odd course beneath the Transaction. Extra info concerning the Transaction, together with sure circumstances to the consummation of the Transaction, will be present in our Present Report on Type 8-Okay filed with the Securities and Trade Fee on September 1, 2020 and out there on www.sec.gov.
Kirkland & Ellis LLP is serving as authorized counsel to the Firm, Centerview Companions is serving because the Firm’s monetary advisor and funding banker, and AlixPartners is serving because the Firm’s restructuring advisor.
J.Jill is a premier omnichannel retailer and nationally acknowledged girls’s attire model dedicated to delighting clients with nice wear-now product. The model represents a simple, considerate and impressed type that displays the arrogance of exceptional girls who reside life with pleasure, ardour and function. J.Jill gives a guiding buyer expertise by means of greater than 280 shops nationwide and a sturdy e-commerce platform. J.Jill is headquartered exterior Boston. For extra info, please go to www.jjill.com or http://investors.jjill.com.
Ahead Wanting Statements
This press launch incorporates, and oral statements made every now and then by our representatives might comprise, “forward-looking statements.” Ahead-looking statements embody these recognized by phrases corresponding to “may,” “might,” “may,” “will,” “probably,” “anticipates,” “intends,” “plans,” “outlook,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “initiatives” and comparable references to future intervals, or by the inclusion of forecasts or projections. Ahead-looking statements are primarily based on our present expectations and assumptions concerning capital market circumstances, our enterprise, the financial system and different future circumstances. As a result of forward-looking statements relate to the long run, by their nature, they’re topic to inherent uncertainties, dangers and modifications in circumstances which can be tough to foretell. In consequence, our precise outcomes might differ materially from these contemplated by the forward-looking statements. Vital components that would trigger precise outcomes to vary materially from these within the forward-looking statements embody, however usually are not restricted to, the Firm’s capacity to consummate the Transaction, on the phrases proposed or in any respect, together with the Firm’s capacity to acquire requisite help of the Transaction from numerous stakeholders and to finalize the phrases and documentation referring to the Transaction; the Firm’s capacity to adjust to the phrases of the TSA, together with finishing numerous levels of the restructuring inside the dates specified by the TSA; the consequences of disruption from the proposed monetary restructuring making it tougher to keep up enterprise, financing and operational relationships; the Firm’s capacity to realize the potential advantages of the proposed monetary restructuring; the influence of the COVID-19 epidemic and political unrest on the Firm and the financial system as a complete; the Firm’s capacity to adequately and successfully negotiate a long-term resolution beneath its excellent debt devices; dangers associated to the forbearance agreements with the Firm’s lenders, together with the length of such agreements and the Firm’s capacity to satisfy its ongoing obligations beneath such agreements; the Firm’s capacity to take actions which can be adequate to get rid of the substantial doubt about its capacity to proceed as a going concern; the Firm’s capacity to develop a plan to regain compliance with the continued itemizing standards of the NYSE; the NYSE’s acceptance of such plan; the Firm’s capacity to execute such plan and to proceed to adjust to relevant itemizing requirements inside the out there treatment interval; dangers arising from the potential suspension of buying and selling of the Firm’s frequent inventory on the NYSE; regional, nationwide or world political, financial, enterprise, aggressive, market and regulatory circumstances, together with dangers concerning our capacity to handle stock or anticipate shopper demand; modifications in shopper confidence and spending; our aggressive atmosphere; our failure to open new worthwhile shops or efficiently enter new markets and different components set forth beneath “Danger Components” in our Annual Report on Type 10-Okay for the fiscal 12 months ended February 1, 2020, as up to date by our Quarterly Report on Type 10-Q for the quarterly interval ended August 1, 2020. Any forward-looking assertion made on this press launch speaks solely as of the date on which it’s made. J.Jill undertakes no obligation to publicly replace or revise any forward-looking assertion, whether or not because of new info, future developments or in any other case.