After S&P Move, Ascena Says It Remains in Full Compliance With Obligations
12 Março 2020 - 8:17PM
Dow Jones News
By Josh Beckerman
After S&P Global Ratings said it views two Ascena Retail
Group Inc. debt repurchases as "tantamount to default," Ascena said
it "remains in full compliance with all of its obligations under
its financing agreements and intends to remain so."
Ascena's brands include Ann Taylor, LOFT, Lane Bryant and
Justice. When it reported second-quarter results Monday, the
company said it repurchased about $80 million of term loan debt for
about $49 million during the quarter, and after quarter-end bought
about $42 million of debt for about $29 million.
Ascena said Thursday that "bankruptcy is not being considered,"
and said the debt repurchases are associated with balance sheet
optimization efforts.
S&P gave Ascena an SD (selective default) rating, and
expects to raise the rating back to CCC in the coming days.
Ascena shares fell 19% during the regular session during a broad
selloff, and declined 12% to $1.30 after hours.
Write to Josh Beckerman at josh.beckerman@wsj.com
(END) Dow Jones Newswires
March 12, 2020 19:02 ET (23:02 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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