Destination XL Group draws $30 million under revolver

By Sara Rosenberg

New York, March 23 – Destination XL Group Inc. borrowed $30 million under its revolving credit facility on March 20 to be held as cash on the balance sheet, according to an 8-K filed with the Securities and Exchange Commission on Monday.

The draw is a proactive measure in order to increase the company’s cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the coronavirus outbreak.

Proceeds may be used for working capital, capital expenditures or general corporate purposes.

Bank of America is the agent on the deal.

Destination XL is a Canton, Mass.-based specialty retailer of big and tall men’s apparel.

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