Regis Corporation Announces Successful Amendment to Revolving Credit Facility

Regis Corporation (NYSE: RGS), a leader in the haircare industry, whose primary business is franchising, owning, and operating technology enabled hair salons, announced today that it successfully amended its $295 million revolving credit facility that expires in March 2023. The amendment, among other things, removes all prior financial covenants, including the net leverage ratio and fixed charge coverage ratio, and adds a minimum liquidity covenant. In addition, the amendment provides the Company’s lenders security in the Company’s assets.

Kersten Zupfer, Executive Vice President and CFO stated, “This transaction represents an important step in aligning the Company’s credit facility with its strategic plan. The amendment gives the Company flexibility to manage the business through its strategic transformation, as well as, the uncertainty generated by the COVID-19 global pandemic.”

“We are pleased to conclude our debt refinancing on terms we believe will ensure the Company’s conversion to a fully-franchised, capital-light growth platform,” commented Hugh Sawyer, Chairman and CEO. “We look forward to the continued reopening of our franchise and company-owned salons this summer with a rigorous commitment to the safety of our customers and stylists,” added Mr. Sawyer. “I am grateful for the professionalism of our stylist community and the support of our franchise partners and lenders as we move forward to embrace the full potential of our strategy," concluded Mr. Sawyer.

About Regis Corporation

Regis Corporation (NYSE:RGS) is a leader in beauty salons and cosmetology education. As of December 31, 2019, the Company franchised, owned or held ownership interests in 7,152 worldwide locations. Regis' franchised and corporate locations operate under concepts such as Supercuts®, SmartStyle®, Cost Cutters®, Roosters® and First Choice Haircutters®. Regis maintains an ownership interest in Empire Education Group in the U.S. For additional information about the Company, including a reconciliation of certain non-GAAP financial information and certain supplemental financial information, please visit the Investor Information section of the corporate website at www.regiscorp.com.

Contacts

Kersten Zupfer
investorrelations@regiscorp.com