Tailored Brands draws down another $25 million under its ABL revolver

By Rebecca Melvin

New York, April 1 – Tailored Brands Inc. said it has asked to draw down another $25 million under its asset-based revolving credit facility as a prudent measure to maximize cash on hand in response to the coronavirus outbreak, according to an 8-K filing with the Securities and Exchange Commission.

The action follows on two draws for a total of $285 million under the facility in March for total borrowings of $360 million and letters of credit totaling about $26.5 million as of March 19.

In its latest disclosure, Tailored Brands said that total borrowings outstanding under the ABL facility were $385 million and letters of credit of about $26.5 million as of March 31.

The current interest rate is 2.2%, and the facility matures on Oct. 25, 2022.

Tailored Brands is a Fremont, Calif.-based specialty retailer of men’s tailored clothing.

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