Sally Beauty Holdings, Inc. has announced an update on its liquidity, due to the COVID-19 crisis — and its impact on the beauty business.

In partnership with affiliates of Bank of America, JP Morgan and Truist, Sally Beauty completed an amendment under the terms of the company’s existing secured asset-based revolving line of credit (expires July 2022), which increases its borrowing capacity by $120 million.

Chris Brickman, president and chief executive officer, Sally Beauty Holdings, states, “The combination of our aggressive cash management efforts in the face of COVID-19 and this expansion of borrowing capacity in collaboration with Bank of America, JP Morgan and Truist provides Sally Beauty Holdings with additional liquidity with which to navigate the COVID-19 impact to our business.”

The increase was achieved through a $100 million increase of the revolving line of credit and the addition of a $20 million FILO term loan facility. Total capacity is now $620 million, with $395 million drawn and $364 million of cash on the balance sheet as of March 31, 2020.

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