Regis (NASDAQ:RGS) stock is up on Tuesday after the hair care salon company announced a new credit facility.
Regis has secured a $105 million term loan that will replace its current debt. This will allow it to pay off its $80 million in debt, which will save it $7 million in annual interest payments.
This will also give the company a $25 million revolving credit facility. This and the new term loan have a maturity date of June 24, 2029. The lenders of these loans are TCW Asset Management Company LLC and Midcap Financial Trust
Regis president and CEO Matthew Doctor said the following about the new credit facility:
“The investment from TCW and Midcap is a testament to their confidence in the long-term prospects of our business and our ability to enhance value for our shareholders. We remain committed to improving the customer experience, implementing new technology, supporting the stylist and franchisee community, and managing our corporate expenses. We look forward to updating the market on our progress on our fiscal fourth quarter 2024 earnings call.”
RGS Stock Movement Today
With today’s news comes heavy trading of RGS stock on Tuesday. This has more than 27 million shares of the company’s stock changing hands as of this writing. That’s well above its daily average trading volume of about 15,000 shares.
RGS stock is up 215.4% as of Tuesday morning and is up 77.1% since the start of the year.
Investors will want to stick around for more of the most recent stock market stories!
We have all of the hottest stock market news ready to go on Tuesday! A few examples include what’s going on with shares of Nvidia (NASDAQ:NVDA), Chipotle (NYSE:CMG) and Novo Nordisk (NYSE:NVO) stock today. You can catch up on all of these matters at the links below!
More Stock Market News for Tuesday
- Jefferies Just Raised Its Price Target on Nvidia (NVDA) Stock
- CMG Stock Alert: Chipotle Splits Its Stock Today
- NVO Stock: Novo Nordisk Pops as China Approves Wegovy Weight Loss Drug
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
