Toys ‘R’ Us obtains amended, restated £138 million five-year revolver

By Wendy Van Sickle

Columbus, Ohio, Dec. 23 – Toys ‘R’ Us, Inc. amended and restated its syndicated facility agreement with Deutsche Bank AG, New York Branch as administrative agent on Dec. 18, according to an 8-K filed with the Securities and Exchange Commission.

The amended agreement provides for a £138 million five-year senior secured asset-based revolving credit facility. The existing facility had been set to mature in 2016.

Borrowings will bear interest at Libor/Euribor plus a margin of 250 bps through the first fiscal quarter of 2016 and thereafter of 225 bps, 250 bps or 275 bps, depending on historical excess availability.

The commitment fee of 37.5 bps to 50 bps is based on usage.

Terms include a customary cash dominion trigger requiring the cash of certain subsidiaries to be applied to pay down outstanding loans if availability falls below certain thresholds.

Toys ‘R’ Us is a Wayne, N.J.-based toy retailer.

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