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    JOAN   US47768J1016

JOANN INC.

(JOAN)
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JOANN : Completes Refinancing of First Lien Term Loan

07/08/2021 | 04:15pm EDT

HUDSON, Ohio, July 08, 2021 (GLOBE NEWSWIRE) -- JOANN Inc. (NASDAQ: JOAN) (“JOANN”), the nation’s category leader in sewing and one of the fastest growing competitors in the arts and crafts category, announced that it has successfully completed the refinancing of its existing covenant-lite first lien term loan facility due October 2023. The impact of the new $675 million covenant-lite first lien term loan facility is leverage neutral for JOANN as net proceeds will be used to fully repay existing borrowings under the prior first lien term loan facility, with the balance reducing the amount borrowed on its existing asset-based revolving credit facility. The new first lien term loan facility matures on July 7, 2028 and lowers the applicable rate by 25 basis points to LIBOR plus 4.75%. The revised pricing terms also reduce the LIBOR floor by 25 basis points to 0.75%.

“Our refinancing strategy extends our debt maturities and lowers our overall borrowing costs,” stated Matt Susz, Chief Financial Officer of JOANN. “The new term loan received strong demand, and the terms also strengthen our ability to support ongoing investments in our growth strategies,” said Susz.

Concurrent to this announcement, JOANN has filed an 8-K which contains additional details on the revised credit agreement and can be accessed in the investor relations section of our website.

About JOANN:

For more than 75 years, JOANN has inspired creativity in the hearts, hands, and minds of its customers. From a single storefront in Cleveland, Ohio, the nation’s category leader in sewing and fabrics and one of the fastest growing competitors in the arts and crafts industry has grown to include 855 stores across 49 states and robust e-commerce business. With the goal of helping every customer find their creative Happy Place, JOANN serves as a convenient single source for all of the supplies, guidance, and inspiration needed to achieve any project or passion.

Investor Relations Contacts:
Ajay Jain
Ajay.Jain@joann.com
330-463-8585

Renee Jefferson
Renee.Jefferson@joann.com
330-463-6961

Corporate Communications:
Amanda Hayes
amanda.hayes@joann.com
330-463-6961


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Source: JOANN, Inc.

2021 GlobeNewswire, Inc., source Press Releases

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Analyst Recommendations on JOANN INC.
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Financials (USD)
Sales 2022 2 463 M - -
Net income 2022 95,5 M - -
Net Debt 2022 600 M - -
P/E ratio 2022 5,09x
Yield 2022 2,67%
Capitalization 474 M 474 M -
EV / Sales 2022 0,44x
EV / Sales 2023 0,38x
Nbr of Employees 15 538
Free-Float 92,1%
Chart JOANN INC.
Duration : Period :
JOANN Inc. Technical Analysis Chart | JOAN | US47768J1016 | MarketScreener
Technical analysis trends JOANN INC.
Short TermMid-TermLong Term
TrendsBearishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 9
Last Close Price 11,24 $
Average target price 15,25 $
Spread / Average Target 35,7%
EPS Revisions
Managers and Directors
Wade D. Miquelon President, Chief Executive Officer & Director
Matt Susz Chief Financial Officer & Senior Vice President
Varadheesh Chennakrishnan Chief Information Officer & Senior Vice President
Janet Duliga Chief Administrative Officer & SVP
Darrell D. Webb Independent Director
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