Chico's FAS, Inc. announced the closing of its amended and extended $300 million Senior Secured Credit Facility (the "Credit Facility"), consisting of a $285 million asset-based revolving credit agreement ("Revolver") and a $15 million "first-in last-out" term loan ("FILO"), with Wells Fargo & Company as the lead lender. The Revolver and FILO have a five-year term maturing on October 30, 2025. "We are pleased to announce that the Company has significantly strengthened our liquidity and enhanced our financial stability for the foreseeable future. As well, this new Credit Facility demonstrates the confidence our lenders have in Chico's FAS and the sustainable, long-term success of our brands," said Molly Langenstein, Chief Executive Officer and President. "We also are continuing to benefit from the aggressive measures we initiated earlier this year to streamline the organization and reduce operating and occupancy costs. These substantial ongoing cost savings initiatives are expected to benefit future years and reflect a cultural shift in how we manage our business."
French conglomerate Vivendi confirmed it is pushing ahead with its deal to purchase the 17.9% stake in Lagardère held by investor Amber Capital for about $720.6 million. Vivendi, which also owns book publisher Editis, already holds a 26.7% stake in Lagardère and the resulting transaction will give Vivendi 45.1% of its rival’s shares.
Under French regulations, once a company’s stake in another company exceeds the 30% level, it must make a tender offer for all remaining shares and Vivendi confirmed it will be making an offer to buy remaining shares at a price of €24.10 per share.
more at: https://www.publishersweekly.com/pw/by-topic/industry-news/industry-deals/article/88120-vivendi-to-pursue-total-ownership-of-lagard-re.html