Ascena may pay down term loan balance via sale of stake in Maurices

By Sarah Lizee

Olympia, Wash., March 25 – Ascena Retail Group, Inc. said it may pay down its existing term loan balance using proceeds from the sale of a majority interest in its subsidiary Maurices Inc. to an affiliate of OpCapita LLP, according to a press release.

The transaction is valued at about $300 million, and Ascena expects to receive roughly $200 million in cash after expenses, while maintaining a significant minority interest.

The transaction is subject to customary closing conditions and is expected to close by early summer.

Ascena is a Mahwah, N.J.-based specialty retailer offering clothing, shoes and accessories for misses and plus-size women.

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