Express, Inc. (NYSE: EXPR) stock surged 28.49% to $2.3 in the after-hours session. In recent months, the Company has been attracting new institutional investors. It appears institutional investors own more than 72.5% of Express Inc. (EXPR) ‘s total float. Over $3.6 million worth of shares has been purchased during the period ended September 29, 2020, by new institutional investors. While Divisar Capital Management LLC acquired 5.58 million shares of the Company’s common stock, Blackrock Inc. acquired over 4.59 million.
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Business details
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Express is an apparel and accessories brand for both men and women that helps people dress for any occasion. In 1980, Express was launched on the philosophy that quality, style, and value should all be found in one place. Express has always been a brand of the moment, introducing some of the most essential and enduring fashion trends. With a design & merchandising approach that presents The Best of Now for Real Life Versatility, Express aims to inspire Confidence & Self-Expression.
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Recent development
On January 14, 2021, The Company announced that it has entered into a definitive loan agreement with Sycamore Partners as a lead lender, along with Wells Fargo and Bank of America Merrill Lynch, strengthening its liquidity by an additional $140 million. These new loan financings include a $90 million FILO Term Loan maturing in mid-May 2024 and a $50 million Delayed Draw Term Loan repaid in the second quarter of 2021, upon receipt of the CARES Act tax refund. In addition to its existing $250 million asset-based loan facility, the Company used $165 million of this financing previously.
Company’s statement
Tim Baxter, CEO of the Company, commented: “I expect this extra capital will help us through the pandemic, and allow us to continue the important and transformational work of the EXPRESS Way Forward strategy. As we have continued to manage our financial liquidity effectively.”
As part of the financing transaction, Kirkland & Ellis LLP served as legal advisor to the Company, along with Lazard Fréres& Co. LLC as financial advisor. Latham & Watkins LLP handled the legal affairs of Sycamore Partners.
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Analyst’s EYE
Based on an analysis of 4 brokerage firms, the average recommendation for Express Inc. (EXPR) stock is “Hold” according to the Wall Street Journal. The stock has not been rated as “Overweight” by any equities research analyst. No analysts recommend this stock as a “Buy”, while four analysts recommend that investors “Hold” this stock, with no analysts giving it a “Sell” rating. Analysts’ average 1-year price target is $1.42 among all brokerages.
