QUINCY, Mass.–(BUSINESS WIRE)–J.Jill, Inc. (NYSE:JILL) announced that it has successfully completed the refinancing of its Asset-Based Revolving Credit Facility (ABL), which was previously set to expire in May 2024. The new facility comes in the form of the sixth amendment to the ABL Credit Agreement with CIT, a division of First Citizens Bank, as the administrative and collateral agent. The facility is comprised of a $40 million revolving credit facility maturing in May 2028.
Mark Webb, Chief Financial and Operating Officer of J.Jill, Inc., stated, “With this latest refinancing, we have successfully strengthened our balance sheet through extending the maturities for both our ABL and Term Loan facilities, and increased the financial flexibility we have to deliver total shareholder return.”
“CIT has had a successful relationship with J. Jill for more than a decade and again worked closely with leadership to understand their current needs,” said Chris Esposito, managing director and group head for CIT’s Asset-Based Lending business. “We were pleased to deliver financing to support their ongoing operations and future growth.”
About J.Jill, Inc.
J.Jill is a national lifestyle brand that provides apparel, footwear and accessories designed to help its customers move through a full life with ease. The brand represents an easy, thoughtful, and inspired style that celebrates the totality of all women and designs its products with its core brand ethos in mind: keep it simple and make it matter. J.Jill offers a high touch customer experience through over 200 stores nationwide and a robust ecommerce platform. J.Jill is headquartered outside Boston. For more information, please visit www.jjill.com or http://investors.jjill.com. The information included on our websites is not incorporated by reference herein.
About First Citizens Bank
First Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., and now celebrating the 125th anniversary of its founding, First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services including a network of more than 550 branches in 23 states and commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Discover more at firstcitizens.com.
