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In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. Words including “anticipate,” “believe,” “continue,” “could” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “will,” or “would,” or, in each case, the negative thereof or other variations thereon or comparable terminology are intended to identify forward-looking statements. Forward-looking statements in this press release include but are not limited to statements regarding the Company’s operational and financial outlook for fiscal 2022, the whole business securitization, including the expected use of proceeds therefrom, and regarding the planned one-time special dividend to stockholders, which is subject to the Board’s determination as well as contractual and legal restrictions. This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
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For more information, including how to receive your first wax free, please visit. Its network includes 853 centers in 44 states as of December 25, 2021. Founded in 2004, European Wax Center, Inc. Delivering a 360-degree guest experience, it also offers a collection of proprietary products to help enhance and extend waxing results. continues to revolutionize the waxing industry with its innovative Comfort Wax formulated with the highest quality ingredients to make waxing a more efficient and relatively painless experience.
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(NASDAQ: EWCZ) is the largest and fastest-growing franchisor and operator of out-of-home waxing services in the United States providing guests with an unparalleled, professional personal care experience administered by highly trained wax specialists within the privacy of clean, individual waxing suites.
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The Notes to be offered have not been, and will not be, registered under the Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933.Įuropean Wax Center, Inc. This press release does not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other security. The Company is therefore updating its fiscal 2022 Adjusted Net Income outlook to $20 to $24 million from $35 million to $39 million. The timing and amount of any dividend, including whether to fund in part with available excess cash, remains subject to the determination of the Company’s Board of Directors.Īs a result of the refinancing transaction, the Company expects to incur incremental pre-tax interest expense of approximately $18 million in the second through fourth quarters of fiscal 2022. to fund a one-time special dividend to stockholders.As of December 25, 2021, the Company had an outstanding principal amount of term loans under its senior secured credit facilities of $180.0 million and to repay all of the existing indebtedness under the senior secured credit facilities.The net proceeds are expected to be used, among other things: The net proceeds of the Class A-2 Notes after deducting transaction expenses and original issue discount were approximately $372 million. As of the closing, none of the Variable Funding Notes have been drawn, but an undrawn letter of credit of approximately $5.6 million has been issued under the Variable Funding Notes. In addition to the Class A-2 Notes, the refinancing transaction includes a $40 million variable funding note facility (the “Variable Funding Notes”).
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The new series of securitized notes include $400 million of Series 2022-1 Class A-2 Fixed Rate Senior Secured Notes (the “Class A-2 Notes”) with an anticipated repayment term of five years and a fixed interest rate of 5.5% per annum, payable quarterly. (NASDAQ:EWCZ) (together with its subsidiaries, the “Company”) today announced that it has completed its previously announced refinancing transaction. PLANO, Texas, Ap(GLOBE NEWSWIRE) - European Wax Center, Inc.
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