Children’s Place (PLCE) has issued an announcement.
The Children’s Place, Inc. secured a $90 million Shariah-compliant loan from Mithaq Capital SPC, enhancing its liquidity without the restrictive terms of prior loan options. This move, backed by subsidiary guarantees, not only allows for interest deferral until 2025 but also offers flexible repayment without penalties. The company plans to use the funds to settle existing debts, reduce vendor payables, and for other corporate expenses. Additionally, a Seventh Amendment to their Credit Agreement has been made to accommodate this new loan and waive a previous event of default.
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