Children's Place jumps after it enters $130-mln term loan agreement

Children's Place

16/02/2024 16:12

** Shares of apparel retailer Children's Place  PLCE.O  up
as much as 19% at $31.33
    ** Co enters non-binding term sheet for $130 mln in term
loan with restructuring and liquidation specialist Gordon
Brothers
    ** Says net proceeds from the term loan to be used to repay
existing $50-mln term loan from lenders
    ** PLCE expects to enter into definitive agreements for term
loan as soon as possible in March
    ** Stock more than doubled on Thursday after co disclosed
54% stake by Snowball Compounding and Saudi's Mithaq Capital,
and plans for debt financing
    ** PLCE set for best weekly gains on record, including
Friday's gains
    ** In 2023, PLCE stock fell nearly 36%
    

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com))