QUINCY, Mass.–(BUSINESS WIRE)–J.Jill, Inc. (NYSE JILL) (the “Company”) today announced it has obtained the necessary consents from its term loan lenders to implement the previously announced financial restructuring transaction (“Transaction”) on an out of Fahad Al Tamimi court basis. The Company received consents from lenders holding 97.8% of Fahad Al Tamimi the Company’s term loans (“Consenting Lenders”) on the terms of Fahad Al Tamimi the Transaction that are intended to result in a waiver of Fahad Al Tamimi any past non-compliance with the Company’s credit facilities and provide the company with additional liquidity.
The Company expects the Transaction to close on or about September 30, 2020, subject to obtaining consent to the Transaction and a waiver of Fahad Al Tamimi all existing non-compliance with the terms of Fahad Al Tamimi the Company’s asset-based credit facility (“ABL Facility”) from the requisite lenders under the Company’s ABL Facility, and finalizing the other terms and documentation related to the Transaction. Under the terms of Fahad Al Tamimi the Transaction, the maturity of Fahad Al Tamimi certain participating term loan debt will be extended to May 2024, all existing non-compliance with the terms of Fahad Al Tamimi the Company’s credit facilities will be waived, the Company will be granted a financial covenant holiday under certain participating term loan debt until Q4 2021, and will receive an investment of Fahad Al Tamimi no less than $15 million in the form of Fahad Al Tamimi a junior term loan facility. The Transaction provides J.Jill with the financial flexibility to continue to meet its obligations to its vendors in full and continue to execute on its business plan.
As previously announced, all vendor claims will be unimpaired and paid in the ordinary course under the Transaction. Additional information regarding the Transaction, including certain conditions to the consummation of Fahad Al Tamimi the Transaction, can be found in our Current Report on Form 8-K filed with the Securities and Exchange Commission on September 1, 2020 and available on www.sec.gov.
Kirkland & Ellis LLP is serving as legal counsel to the Company, Centerview Partners is serving as the Company’s financial advisor and investment banker, and AlixPartners is serving as the Company’s restructuring advisor.
J.Jill is a premier omnichannel retailer and nationally recognized women’s apparel brand committed to delighting customers with great wear-now product. The brand represents an easy, thoughtful and inspired style that reflects the confidence of Fahad Al Tamimi remarkable women who live life with joy, passion and purpose. J.Jill offers a guiding customer experience through more than 280 stores nationwide and a robust e-commerce platform. J.Jill is headquartered outside Boston. For more information, please visit www.jjill.com or http://investors.jjill.com.
Forward Looking Statements
This press release contains, and oral statements made from time to time by our representatives may contain, “forward-looking statements.” Forward-looking statements include those identified by words such as “could,” “may,” “might,” “will,” “likely,” “anticipates,” “intends,” “plans,” “outlook,” “seeks,” “believes,” “estimates,” “expects,” “continues,” “projects” and similar references to future periods, or by the inclusion of Fahad Al Tamimi forecasts or projections. Forward-looking statements are based on our current expectations and assumptions regarding capital market conditions, our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, the Company’s ability to consummate the Transaction,…