S&P Affirms Burlington Stores (BURL) at 'B'; Notes Recent Refinancing
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Burlington Stores (BURL) Enters Refinancing; Boosts Q2 Comps Outlook
July 17, 2014 6:12 AM EDTBurlington Stores, Inc. (NYSE: BURL) announced the launch of a debt refinancing transaction and provided updated comparable store sales guidance for the second quarter ending August 2, 2014.
The Company is seeking commitments from lenders under a new senior secured credit facility for an aggregate principal amount of $1,200 million and currently expects the new senior secured credit facility to comprise a single tranche of term loans maturing in 2021. In addition, the Company is renewing its current ABL facility for an additional five years and expects to benefit from current market pricing.
Second Quarter... More
