Lands’ End amends ABL revolver, increases it to $275 million

By Wendy Van Sickle

Columbus, Ohio, Aug. 18 – Lands' End, Inc. increased capacity under its asset-based facility by $75 million, bringing maximum borrowings to $275 million, according to an 8-K filing with the Securities and Exchange Commission.

The Aug. 12 second amendment to the ABL facility will also add a cash maintenance provision that applies a limit of $75 million on the amount of cash and cash equivalents that the company may hold when outstanding loans are equal to or exceed $125 million.

Borrowings bear interest at Libor plus a margin ranging from 175 basis points to 350 bps, depending on average daily total loans outstanding for the previous quarter. There is a 0.75% Libor floor.

There is a commitment fee of either 25 bps or 37.5 bps, depending on average daily total loans outstanding.

Wells Fargo Bank, NA is the administrative agent of the credit agreement, which is originally dated Nov. 16, 2017.

Lands’ End is a Dodgeville, Wis.-based retailer of casual clothing, accessories, footwear and home products.

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