Sally Beauty Holdings, Inc. (NYSE: SBH) (“the Company”) today provided an update on its liquidity.
In partnership with affiliates of Bank of America, JP Morgan and Truist, the Company completed an amendment under the terms of the Company’s existing secured asset-based revolving line of credit (expires July 2022), which increases its borrowing capacity by $120 million. The increase was achieved through a $100 million increase of the revolving line of credit and the addition of a $20 million FILO term loan facility. Total capacity is now $620 million, with $395 million drawn and $364 million of cash on the balance sheet as of March 31, 2020.
“The combination of our aggressive cash management efforts in the face of COVID-19 and this expansion of borrowing capacity in collaboration with Bank of America, JP Morgan and Truist provides Sally Beauty Holdings with additional liquidity with which to navigate the COVID-19 impact to our business,” said Chris Brickman, president and chief executive officer.
About Sally Beauty Holdings, Inc.
Sally Beauty Holdings, Inc. (NYSE: SBH) is an international specialty retailer and distributor of professional beauty supplies with revenues of approximately $3.9 billion annually. Through the Sally Beauty Supply and Beauty Systems Group businesses, the Company sells and distributes through 5,072 stores, including 157 franchised units, and has operations throughout the United States, Puerto Rico, Canada, Mexico, Chile, Peru, the United Kingdom, Ireland, Belgium, France, the Netherlands, Spain and Germany. Sally Beauty Supply stores offer up to 8,000 products for hair color, hair care, skin care, and nails through proprietary brands such as Ion®, Generic Value Products®, Beyond the Zone® and Silk Elements® as well as professional lines such as Wella®, Clairol®, OPI®, Conair® and Hot Shot Tools®. Beauty Systems Group stores, branded as CosmoProf or Armstrong McCall stores, along with its outside sales consultants, sell up to 10,500 professionally branded products including Paul Mitchell®, Wella®, Matrix®, Schwarzkopf®, Kenra®, Goldwell®, Joico® and CHI®, intended for use in salons and for resale by salons to retail consumers. For more information about Sally Beauty Holdings, Inc., please visit sallybeautyholdings.com.
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