Children’s Place signs $400 million five-year revolver, term loan

By William Gullotti

Buffalo, N.Y., Nov. 18 – Children’s Place, Inc. completed the refinancing of its revolving credit facility and term loan, according to an 8-K filed with the Securities and Exchange Commission.

The new facility consists of a $350 million revolver and a $50 million term loan, both with five-year terms.

Interest on borrowings for the revolver will be Libor plus 112.5 or 137.5 basis points, based on the amount of excess availability within the facility. There will also be a 20 bps unused line fee attached to the revolver.

The term loan has an interest rate of Libor plus 250 bps, does not require amortization if certain conditions are met and is prepayable at any time without penalty.

The company was advised on the refinancing by EY. The lending group consists of affiliates of Wells Fargo, Bank of America, JP Morgan, Truist and HSBC.

Concurrently, the company paid off its $80 million term loan with Crystal Financial LLC (d/b/a SLR Credit Solutions).

The specialty retailer is based in Secaucus, N.J.

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