| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers C > Headlines for Crocs, Inc. > News item |
Crocs lifts revolver to $600 million to help fund HeyDude acquisition
By Rebecca Melvin
Concord, N.H., Feb. 18 – Crocs Inc. and its subsidiaries have increased the commitment of their credit agreement by $100 million to $600 million, according to company release and an 8-K filed with the Securities and Exchange Commission.
Crocs Retail, LLC, Jibbitz, Inc., Colorado Footwear CV and Crocs Europe BV are the subsidiary borrowers under the amended facility, which is being used together with a $2 billion term loan B to close on the company’s previously announced acquisition of HeyDude LLC for $2.05 billion in cash and $450 million in Crocs shares.
Under the Feb. 17 amended agreement, certain provisions are more favorable to the company and consistent with the term loan B credit agreement and the company’s other debt instruments, including the ability to issue additional debt subject to compliance with certain financial ratios.
Borrowings bear interest at SOFR plus a margin of 140 basis points to 202.5 bps, based on leverage. There is also a commitment fee of 10 bps to 22.5 bps, also based on leverage.
PNC Bank NA is administrative agent, swing loan lender and issuing lender. PNC Capital Markets LLC is joint lead arranger, co-syndication agent and sole bookrunner. Citibank NA, Bank of America NA, Keybank NA are joint lead arrangers and co-syndication agents.
The company drew $50 million of the revolver upon closing.
The company also closed its $2 billion seven-year senior secured covenant-lite first-lien term loan B (Ba2/BB-). The term loan matures in 2029. Citigroup NA is administrative agent and lender. As previously reported, the term loan will bear interest at SOFR plus 350 basis points with a 0.5% SOFR floor.
Crocs is a Broomfield, Colo.-based casual footwear company.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.