Deckers enters $400 million revolving facility at Libor plus 125 bps

By Wendy Van Sickle

Columbus, Ohio, Sept. 25 – Deckers Outdoor Corp. entered into a $400 million unsecured revolving credit facility on Sept. 20, according to an 8-K filed with the Securities and Exchange Commission.

The credit facility will refinance Deckers’ second amended and restated credit agreement dated Nov. 13, 2014.

The facility contains a $25 million sublimit for the issuance of letters of credit, as well as a $175 million sublimit for borrowings in euros, pounds sterling, Canadian dollars and any other foreign currency approved by the administrative agent.

The company has the option to increase the facility by $200 million.

Pricing on the revolver will range, based on leverage ratio, from 112.5 basis points to 162.5 bps, with an initial rate of Libor plus 125 bps.

Commitment fees range from 12.5 bps to 20 bps, with an initial rate of 15 bps.

Funds under the facility may be used for general corporate purposes and working capital.

These funds are available until Sept. 20, 2023.

JPMorgan Chase Bank NA and Comerica Bank are joint lead arrangers and bookrunners.

JPMorgan is administrative agent, and Citibank, NA, Comerica Bank and HSBC Bank USA NA are co-syndication agents. MUFG Bank, Ltd. and U.S. Bank NA are co-documentation agents.

Proceeds may be used for working capital and general corporate purposes.

Deckers is a Goleta, Calif.-based footwear company.

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