JOANN Announces $100 Million FILO Credit Facility and Schedules Fourth Quarter Fiscal 2023 Earnings Release and Conference Call
JOANN Inc. (NASDAQ: JOAN) announced a new $100 million first-in last-out facility (FILO Facility) to enhance liquidity and optimize its balance sheet. This facility supplements its existing $500 million asset-based revolving loan. JOANN has fully drawn the FILO Facility to repay part of its outstanding asset-based loan and cover transaction costs, with interest pegged to the Secured Overnight Financing Rate plus 975 basis points. The company is set to announce its Fourth Quarter Fiscal 2023 earnings on March 23, 2023, with further details about the FILO Facility to be discussed during the earnings call.
- Secured $100 million FILO Facility to boost liquidity.
- Aims to optimize balance sheet and increase free cash flow.
- Proceeds are primarily used to repay outstanding amounts, indicating potential cash flow concerns.
HUDSON, Ohio, March 13, 2023 (GLOBE NEWSWIRE) -- JOANN Inc. (NASDAQ: JOAN) (“JOANN”), the nation’s category leader in sewing and fabrics with one of the largest arts and crafts offerings, announced today that its subsidiary Jo-Ann Stores, LLC entered into a
The FILO Facility is an incremental facility to JOANN’s existing
Additionally, JOANN plans to release its earnings the Fourth Quarter Fiscal 2023 after the market closes on March 23, 2023 and will host a conference call on the same day at 5:00 p.m. ET. The FILO Facility will be discussed in more detail along with the Fourth Quarter Fiscal 2023 Earnings during the March 23, 2023 conference call. The toll-free number to call for the live interactive teleconference is: 1 (844) 481-2750 and international dial in number is: 1 (412) 317-0666. Participants should ask to be joined into the JOANN call.
The live broadcast of JOANN’s conference call will be available online at investors.joann.com. The online replay will follow shortly after the call and will be available for one year.
During the conference call, the Company may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The Company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.
About JOANN
For 80 years, JOANN has inspired creativity in the hearts, hands, and minds of its customers. From a single storefront in Cleveland, Ohio, the nation’s leader in sewing and fabrics with one of the largest arts and crafts offerings has grown to include 840 stores across 49 states and a robust ecommerce business. With the goal of helping every customer find their creative Happy Place, JOANN serves as a convenient single source for all the supplies, guidance, and inspiration needed to achieve any project or passion.
FAQ
What is the purpose of the $100 million FILO Facility for JOANN?
When will JOANN announce its Fourth Quarter Fiscal 2023 earnings?
What is the interest rate for the new FILO Facility?
How will the funds from the FILO Facility be utilized?
