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Gymboree enters $225 million amended, restated ABL facility due 2017
By Marisa Wong
Madison, Wis., April 5 - Gymboree Corp. entered into an amended and restated credit agreement on March 30, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The agreement amends and restates the credit agreement dated Nov. 23, 2010.
The restated ABL facility provides for senior secured financing of up to $225 million, subject to a borrowing base, and consists of a $213 million tranche A sub-facility and a $12 million "first-in, last-out" tranche A-1 sub-facility.
There is a $125 million accordion feature, which would increase the total size of the facility to $350 million.
The maturity date is March 30, 2017.
Interest is equal to Libor plus an applicable margin based on excess availability and adjusted quarterly. The applicable margin for the tranche A sub-facility ranges from 150 basis points to 200 bps, and the margin for the tranche A-1 sub-facility ranges from 300 bps to 350 bps.
The applicable margin is currently 175 bps for borrowings under the tranche A sub-facility and 325 bps for borrowings under the tranche A-1 sub-facility, subject to adjustment beginning July 29.
There is also a commitment fee of 25 bps or 37.5 bps, depending on usage. The commitment fee is currently 37.5 bps, subject to adjustment beginning April 29.
Proceeds will be used for working capital purposes, to finance acquisitions and for general corporate purposes.
Bank of America, NA is the administrative agent. Bank of America Merrill Lynch is the lead arranger and bookrunner, and SunTrust Robinson Humphrey, Inc. and U.S. Bank NA are joint bookrunners. U.S. Bank is also syndication agent. SunTrust Bank is documentation agent.
Gymboree is a children's specialty retailer based in San Francisco.
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