J. Crew Explores Options to Refinance $400 Million Bankruptcy Loan

US retailer J. Crew is considering refinancing a loan used to exit bankruptcy four years ago, according to sources. In order to refinance the debt, Goldman Sachs is pre-marketing a $400 million term loan. The company filed for Chapter 11 in May 2020, marking the first major retailer to fail during the Covid-19 pandemic. Creditors took the keys to the business in exchange for snuffing out$1.6 billion of secured debt. J. Crew`s return to debt capital markets is expected to catch the eyes of lenders scarred by years of so-called creditor violence. The bankruptcy exit facility, which pays interest in-kind and is due in 2027, is due to be provided by Anchorage, GSO Capital Partners LP, and Davidson Kempner Capital Management.