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David’s Bridal, a Conshohocken, Pa.-based bridal and special occasion company, closed a $70m term loan provided by CPPIB Credit Investments Inc., a subsidiary of Canada Pension Plan Investment Board.
The new term loan matures in 2024 and will be used by the company to fund operations and for general corporate purposes.
As of closing on April 30, 2021, David’s Bridal had total unrestricted cash of $63m and zero borrowings on its $125m Revolving Credit Facility.
Led by Chief Executive Officer Jim Marcum, David’s Bridal is dedicated to providing customers with the assistance of online planning tools, knowledgeable stylists, and expert tailors who will guide them through the entire purchasing journey. The company has more than 300 stores located across the US, Canada, UK, and franchise locations in Mexico.
Dive Brief:
With the closing of the loan, the wedding apparel retailer said in a press release that it had $63 million in unrestricted cash and no borrowings on its $125 million revolving credit facility.
David s Bridal plans to use the loan to fund operations and for general corporate purposes. CEO Jim Marcum said in the release that the retailer is executing well and accelerating its additional growth initiatives.
Dive Insight:
Few if any apparel categories were untouched by the pandemic. Most were hurt, and some very badly. Occasion wear had a particularly rough year as many consumers avoided both stores and social occasions to protect themselves from COVID-19 exposure.
7.3%
7%
Source: The Alberta Investment Management Corp.
“When the pandemic hit, they were in the process of scaling up the online part of the business and the pandemic was an opportunity to accelerate it. They saw their online business explode. Now they’re online and offline is slowly coming back. They’re able to overcome difficult situations and bring value to customers.”
And Ehrmann says that while China will likely have the best year out of the emerging markets, there’s considerable potential in countries like Brazil and India. “Given that they fell sharply and their economies were curtailed and continue to be damaged by the pandemic, it’s hard to predict exactly when things will turn. But there’s been a move toward normalcy. I expect as the year progresses, some of these larger and strongly performing economies will catch the eye [of institutional investors].”
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