1-800-Flowers gets $300 million amended, restated credit agreement, extends to 2024

By Rebecca Melvin

New York, June 5 – 1-800-Flowers.com, Inc. has entered into a $300 million amended and restated credit agreement with JPMorgan Chase Bank NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The changes increase the amount of its term loan to $100 million from about $97 million and extends the maturity date by 29 months to May 31, 2024.

In addition, the interest rate margins for Libor and base rate loans were cut by 25 basis points.

Commitments under the revolving credit facility are $200 million and subject to seasonal reduction to $100 million for the period from Jan. 1 through Aug. 1 for each fiscal year.

The agreement is secured by substantially all of the assets of the company and subsidiary guarantors.

Borrowings bear interest at an annual rate equal to either the base rate plus 50 bps and Libor plus 100 bps or an adjusted Libor plus an applicable margin based on the company’s consolidated leverage ratio.

1-800-Flowers is a Carle Place, N.Y.-based multi-channel retailer of gifts.

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