ascena retail group Provides Additional Business Update on COVID-19 - Seite 3

The Company ended the third quarter with outstanding term-loan debt of $1,292 million, with interest payments due in the fourth quarter of fiscal 2020 of $20.9 million and its next quarterly term-loan payment of $22.5 million due in November 2020.  The Company also ended the third quarter with $230 million of borrowings outstanding under its amended and restated revolving credit agreement, which, as noted above, was utilized to maintain maximum financial flexibility. Borrowings under the Company’s amended and restated revolving credit agreement have no required repayments until the maturity date, which is currently expected to be in May 2022.

Due to the Company’s increased level of debt and deferred liabilities resulting from the COVID-19 pandemic, despite the aggressive steps outlined above, the Company will continue to evaluate all available options to preserve its ongoing operations.

Other update:

The Company also announced today that it will file its Quarterly Report on Form 10-Q for the quarter ended May 2, 2020 no later than July 27, 2020 pursuant to the 45-day extension permitted by the Securities and Exchange Commission’s Order under Section 36 of the Securities Exchange Act of 1934 Modifying Exemptions From the Reporting and Proxy Delivery Requirements for Public Companies dated March 25, 2020.

Forward-Looking Statements

Certain statements or information made within this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially. Forward-looking statements are statements related to future, not past, events, and often contain words such as “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “see,” “will,” “would,” “estimate,” “forecast,” “target,” “preliminary,” or “range,” or similar words including, without limitation the impact of the COVID-19 pandemic on the Company’s business. The Company does not undertake to publicly update or review its forward-looking statements even if experience or future changes make it clear that our projected results expressed or implied will not be achieved. Detailed information concerning a number of factors that could cause actual results to differ materially from the information contained herein is readily available in the Company’s most recent Annual Report on Form 10-K and subsequent filings with the Securities and Exchange Commission.