Thu 06/24/2021 14:59 PM
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Jo-Ann Stores has launched a debt refinancing via Bank of America to extend the maturity of its existing L+500 bps (1% floor) first lien term loan due October 2023 and pay down a portion of the company’s $500 million revolving ABL facility, according to sources.

The new $635 million seven-year loan was talked at L+475 bps to L+500 bps (75 bps floor) with a 99 to 99.5 OID, the sources said.

Part of the proceeds from the new loan would be used to reduce revolver balance to $89.5 million from...
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