Skechers gets $250 million facility via Wells Fargo, Bank of America

By Sara Rosenberg

New York, July 7 - Skechers USA Inc. closed on a new $250 million four-year secured credit facility, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Wells Fargo Foothill and Bank of America acted as the co-lead arrangers on the oversubscribed deal that was completed on June 30.

Pricing can range from Libor plus 375 basis points to 425 bps and the unused fee can range from 50 bps to 100 bps, based on availability.

Proceeds were used to refinance an existing facility and will be available for general corporate purposes.

"In addition to this new bank facility, the remaining $95 million of auction-rate securities were redeemed, giving us approximately $250 million in cash and investments, which should provide us with sufficient capital for our initiatives and to fund our growth over the next four years," said Fred Schneider, chief financial officer, in a news release.

Skechers is a Manhattan Beach, Calif.-based footwear company.

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