Crocs increases revolver to $500 million, modifies leverage ratio

Wendy Van Sickle

Columbus, Ohio, March 30 – Crocs, Inc. amended its revolving credit facility with PNC Bank, NA as administrative agent to increase the facility size to $500 million from $450 million, according to a news release.

In addition, the amended credit facility has a modified leverage ratio of 4x for the second and third quarters of fiscal 2020, after which the leverage ratio decreases to 3.5x through fourth quarter 2021 and 3.25x onwards.

The maturity date in July 2024 is unchanged.

Crocs said it maintains ample access to liquidity and expects a first quarter fiscal 2020 ending cash and cash equivalents balance between $90 million and $100 million with borrowings outstanding on the credit facility of up to $355 million, leaving remaining capacity of about $145 million.

Crocs is Niwot, Colo.-based maker of consumer products, most notably shoes, from specialty resins.

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