secwatch.observer — SEC 8-K summary
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Issuer:     EXPRESS, INC. (—)
CIK:        0001483510
Form:       8-K
Filed at:   2023-09-06T23:59:59+00:00
Accession:  0001193125-23-229096
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Express, Inc. enters $65M FILO term loan at SOFR+10% to repay ABL borrowings
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- Term loan agreement with ReStore Capital LLC: $65M FILO loan, $32.5M funded September 5, 2023, remainder by September 13.
- Proceeds used to pay down outstanding ABL borrowings without corresponding commitment reductions.
- Interest: SOFR plus 10.00% per annum; quarterly amortization starting October 29, 2023 ($708K then $1.21875M).
- Maturity: earlier of November 26, 2027 or termination of ABL commitments; second-priority lien on assets.
- Fifth Amendment to ABL Credit Agreement permits the term loan on second-priority basis.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1483510/000119312523229096/0001193125-23-229096-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1483510/000119312523229096/d516749d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-229096

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