Sally Beauty Holdings, Inc. Announces Repayment of Fixed Rate Portion of Term Loan
DENTON, Texas – (COMMERCIAL THREAD) –Sally Beauty Holdings, Inc. (NYSE: SBH) (“the Company”), the leader in professional hair coloring, today announced that it has fully repaid the outstanding $ 213 million balance of its fixed rate term loan 4.5%. The repayment was funded by excess cash and reflects the continued progress towards deleveraging the Company’s balance sheet.
As of December 31, 2020, the Company had over $ 515 million in cash and a zero balance on its revolving asset-based line of credit. Given the Company’s strong liquidity position and its proven ability to weather the COVID-19 pandemic, the Company has made the strategic decision to execute an additional round of debt reduction. The Company previously reduced its debt levels by $ 445 million in September 2020.
“Our business has remained resilient throughout the COVID-19 pandemic. Today’s debt reduction represents another positive step in our stated commitment to deleveraging our balance sheet as the headwinds of the pandemic begin to ease and the need for excess liquidity diminishes, ”said Marlo Cormier , financial director.
About Sally Beauty Holdings, Inc.
Sally Beauty Holdings, Inc. (NYSE: SBH), as a leader in professional hair coloring, sells and distributes professional beauty products worldwide through its Sally Beauty Supply and Beauty Systems Group businesses. The Company operates more than 5,000 stores, including 143 franchise stores. Sally Beauty Supply stores carry up to 8,000 products for hair coloring, hair care, skin care and nails through exclusive brands such as Ion®, Generic Value Products®, Beyond the Zone® and Silk Elements® as well as professional lines such as Wella®, Clairol®, OPI®, Conair® and Hot Shot Tools®. The Beauty Systems group stores, under the CosmoProf® or Armstrong McCall® brands, as well as its external sales consultants, sell up to 10,500 professional brand products, including Paul Mitchell®, Wella®, Matrix®, Schwarzkopf®, Kenra®, Goldwell®, Joico® and CHI®, intended for use in salons and for resale by salons to retail consumers. For more information on Sally Beauty Holdings, Inc., please visit https://www.sallybeautyholdings.com/.
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