Children's Place Gets $90 Million Loan From Majority Shareholder Mithaq -- Shares Jump Pre-Bell-February 2024-www.financetom.com

Children's Place Gets $90 Million Loan From Majority Shareholder Mithaq -- Shares Jump Pre-Bell

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Children's Place Gets $90 Million Loan From Majority Shareholder Mithaq -- Shares Jump Pre-Bell

Apr 17, 2024 8:01 AM

09:28 AM EDT, 04/17/2024 (MT Newswires) -- Children's Place (PLCE) said Wednesday it signed a financing agreement with majority shareholder Mithaq Capital for a new $90 million unsecured term loan, which will be funded no later than Friday.

The company's shares were rising 38% in recent premarket activity.

Children's Place said that it will not pursue a previously announced loan with 1903P Loan Agent because the new financing with Mithaq will boost its liquidity position on better terms.

Net proceeds will be used to repay a $50 million loan under an amended and restated credit agreement from May 2019, the company said. Proceeds will also be used to decrease a portion of accounts payable balances and for other general corporate purposes, it said.

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