UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 7.01 | Regulation FD Disclosure. |
On May 14, 2024, J.Jill, Inc. (the “Company”) issued a press release announcing, among other things, the debt repayment and the Dividend (as defined below), each discussed under Item 8.01 below. A copy of the press release has been furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
| Item 8.01 | Other Events. |
On May 14, 2024, the Company announced that it completed a series of debt principal payments pursuant to the Company’s term loan credit agreement, dated as of April 5, 2023 (the “Term Loan”), by and among the lenders party thereto and Jefferies Finance LLC, as administrative and collateral agent. The total debt repaid was $60.4 million which reduced the amount outstanding under the Term Loan from $175 million to $108 million. The $60.4 million was comprised of a required principal payment of $2.2 million on April 26, 2024, and a voluntary prepayment of $58.2 million on May 10, 2024.
Additionally, on May 14, 2024, the Company’s Board of Directors, declared an initial quarterly cash dividend of $0.07 per share of common stock (the “Dividend”). The Dividend is payable on June 12, 2024, to all holders of record of issued and outstanding shares of the Company’s common stock as of the close of business on May 29, 2024.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits:
| Exhibit Number |
Description of Exhibit | |
| Exhibit 99.1 | Press Release of J.Jill, Inc., dated May 14, 2024. | |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 14, 2024 | J.JILL, INC. | |||||
| By: | /s/ Mark Webb | |||||
| Name: | Mark Webb | |||||
| Title: | Executive Vice President, Chief Financial Officer and Chief Operating Officer | |||||