Foot Locker borrows $330 million under asset-based revolver

By Wendy Van Sickle

Columbus, Ohio, March 20 – Foot Locker, Inc. provide notice to its lenders on Wednesday to borrow $330 million under its $400 million asset-based revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The company said it drew down on the revolver as a precautionary measure to increase its cash position and preserve financial flexibility in light of uncertainty surrounding the Covid-19 pandemic.

Prior to the borrowing, the company had no loan amounts outstanding under the revolver other than the de minimis amounts used to support standby letters of credit.

The revolver matures on May 19, 2021. Wells Fargo Bank, NA is the administrative agent.

Foot Locker is a New York-based specialty athletic retailer.

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