American Eagle Outfitters gets up to $400 million asset-based revolver

By Tali Rackner

Norfolk, Va., Dec. 5 – American Eagle Outfitters, Inc. entered into new asset-based credit facilities via administrative agent JPMorgan Chase Bank, NA on Dec. 2, according to an 8-K filing with the Securities and Exchange Commission.

The agreement provides for an up to $400 million five-year senior secured asset-based revolving credit facility, including a swingline loan revolving facility, a Canadian revolving facility and letter-of credit-facilities.

There is a $150 million accordion feature.

Borrowings bear interest at Libor plus 125 basis points to 175 basis points based on average borrowing availability and the adjusted leverage ratio. There is a 25 bps commitment fee, payable quarterly in arrears.

The new agreement replaces the company’s existing credit agreement dated March 2, 2012.

J.P. Morgan Securities LLC, HSBC Bank USA, NA and PNC Bank, NA are joint bookrunners and lead arrangers; HSBC and PNC Bank are co-syndication agents; and Bank of America, NA, Wells Fargo Bank, NA and Royal Bank of Canada are co-documentation agents.

American Eagle Outfitters is a retail clothing chain based in Pittsburgh.

© 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.