Dick’s Sporting lifts revolver to $1 billion, extends to August 2020

By Tali Rackner

Norfolk, Va., Aug. 18 – Dick’s Sporting Goods, Inc. entered into an amended and restated credit agreement on Aug. 12 with Wells Fargo Bank, NA as administrative agent and collateral agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment increases the revolving credit facility to $1 billion from $500 million, extends the maturity date to Aug. 12, 2020 from Dec. 5, 2016 and lowers interest.

The amended facility includes up to $150 million of letters of credit, a $100 million sublimit for swingline loans and still contains an up to $250 million accordion feature.

Interest is now Libor plus 112.5 basis points to 137.5 bps, based on average daily adjusted availability. The letter-of-credit fee ranges from 62.5 bps to 87.5 bps.

Wells Fargo Bank, Merrill Lynch, Pierce, Fenner & Smith Inc. and PNC Capital Markets, LLC are the joint lead arrangers and bookrunners. Bank of America, NA and PNC Bank, NA are co-syndication agents. JPMorgan Chase Bank, NA and U.S. Bank NA are co-documentation agents.

Dick's is a Pittsburgh-based sporting goods retailer.

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