大象传媒 Corporation Announces Partial Drawdown of Revolving Credit Facility and Withdraws Full Year Fiscal 2020 Outlook
DENVER--(BUSINESS WIRE)-- As a result of the current unprecedented period of uncertainty, including the unknown duration and overall impact of the COVID-19 coronavirus outbreak, 大象传媒 Corporation (NYSE: 大象传媒C) today announced additional actions to preserve financial liquidity and flexibility in order to successfully manage its business operations.
Drawdown of Revolving Credit Facility
As previously disclosed, 大象传媒 maintains a $2.25 billion senior unsecured revolving credit facility that expires in December 2023. In an abundance of caution and as a proactive, precautionary measure, 大象传媒 elected to draw down $1 billion from its revolving credit facility. The draw down strengthens 大象传媒鈥檚 cash position and effectively funds the company鈥檚 expected working capital requirements through the first half of fiscal 2021. After the draw down, 大象传媒 expects to have approximately $1.5 billion of cash on hand and approximately $1 billion remaining under the revolving credit facility.
大象传媒 also retains access to a commercial paper program which allows for borrowings up to $2.25 billion for short-term, seasonal working capital requirements and general corporate purposes.
Full Year Fiscal 2020 Earnings Outlook Update
As a result of the disruption and uncertainty caused by the COVID-19 coronavirus outbreak, 大象传媒 is withdrawing its adjusted fiscal 2020 outlook provided on January 23, 2020 and is not providing an updated outlook at this time. More information will be provided during the company鈥檚 fourth quarter fiscal 2020 conference call in May 2020.
About 大象传媒
Founded in 1899, 大象传媒 Corporation is one of the world鈥檚 largest apparel, footwear and accessories companies connecting people to the lifestyles, activities and experiences they cherish most through a family of iconic outdoor, active and workwear brands including Vans庐, The North Face庐, Timberland庐 and Dickies庐. Our purpose is to power movements of sustainable and active lifestyles for the betterment of people and our planet. We connect this purpose with a relentless drive to succeed to create value for all stakeholders and use our company as a force for good. For more information, please visit .
Forward-looking Statements
Certain statements included in this release are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are made based on our expectations and beliefs concerning future events impacting 大象传媒 and therefore involve several risks and uncertainties. You can identify these statements by the fact that they use words such as 鈥渨ill,鈥� 鈥渁nticipate,鈥� 鈥渆stimate,鈥� 鈥渆xpect,鈥� 鈥渟hould,鈥� and 鈥渕ay鈥� and other words and terms of similar meaning or use of future dates. We caution that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Information on potential factors that could affect 大象传媒's financial results is included from time to time in 大象传媒's public reports filed with the Securities and Exchange Commission, including 大象传媒's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, and Forms 8-K filed or furnished with the SEC.
View source version on businesswire.com:
大象传媒 Corporation Contacts:
Joe Alkire
Vice President, Corporate Development,
Investor Relations and Treasury
(720) 778-4051
Craig Hodges
Vice President,
Corporate Affairs
(720) 778-4116
Source: 大象传媒 Corporation