rue21 Receives Additional $20 Million Line of Credit

WARRENDALE, Pa., May 30, 2018 /PRNewswire/ -- r21 Holdings, Inc. ("rue21") announced that Bank of America Merrill Lynch has increased rue21's line of credit to $145 million.

In making today's announcement, Michael C. Appel, Chairman of the Board of rue21 said, "Bank of America Merrill Lynch's decision to upsize our line of credit is a strong vote of confidence in the progress rue21 is making in rebuilding our business. As we continue to strengthen our business, we look forward to rue21 becoming a solid brand that delivers outstanding growth and profit."

"We are pleased to work with rue21 as it makes strides to rebuild its business," said Andrew Cerussi, Senior Vice President, Bank of America Merrill Lynch.  "We will continue to work closely with rue21 to provide financial solutions to rue21 as it continues to grow the company."

Piper Jaffray served as exclusive financial advisor to rue21 in connection with its upsized line of credit with Bank of America Merrill Lynch.

About rue21

rue21, a leading teen specialty retailer, believes that fashion plays an important role in the journey to self-discovery. Choose a style, make it your own. You're an individual, and you need fresh, feel-good pieces that let you totally own it. That's why the retailer works to make the latest trends affordable and available to anyone. Its mission is to make fashion everyone's playground. Headquartered just north of Pittsburgh, Pennsylvania, rue21 currently operates 752 stores in 45 states in shopping malls, outlets and strip centers, and its website. For more information, visit: www.rue21.com. The freedom to be you is rue!           

Contact:
Melissa M. Krantz 
Krantz and Company
(917) 653-6716
[email protected]

or

Benjamin Gross
Senior Vice President & General Counsel
rue21
(724) 776-9780
[email protected]

SOURCE rue21