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William Carter amends and restates $375 million revolving facility
By Jennifer Chiou
New York, Sept. 4 - William Carter Co. amended and restated on Aug. 31 its $375 million revolving credit facility, pushing the maturity date to Aug. 31, 2017, according to an 8-K filed with the Securities and Exchange Commission.
William Carter is the U.S. borrower, and the Genuine Canadian Corp. is the Canadian borrower.
Bank of America, NA acted as administrative agent, U.S. dollar facility swingline lender and collateral agent with Bank of America's Canada branch as Canadian agent and multicurrency facility swingline lender.
JPMorgan Chase Bank, NA was the syndication agent, and Royal Bank of Canada, SunTrust Bank and U.S. Bank NA were co-documentation agents. Merrill Lynch, Pierce, Fenner & Smith Inc. was lead arranger and bookrunning manager.
The revolving credit facility provides a U.S. dollar revolving facility of $340 million, including a $175 million sublimit for letters of credit and a swingline sublimit of $40 million, and a $35 million multicurrency revolving facility.
The amended and restated credit agreement refinances William Carter's credit agreement dated as of Dec. 22, 2011.
As of the end of August, the company had about $186 million of revolver borrowings, exclusive of $12 million of outstanding letters of credit.
Borrowings bear interest at Libor plus 150 basis points to 225 bps. The initial rate is Libor plus 175 bps. There is a commitment fee ranging from 30 bps to 45 bps, with the initial rate set at 35 bps.
The company must maintain a lease adjusted leverage ratio of no more than 3.75:1.00 until Dec. 31, 2016 and 3.50:1.00 thereafter and a fixed-charge coverage ratio of 2.50:1.00.
The filing added that the agreement provides for incremental facilities in an aggregate amount not to exceed $75 million.
William Carter is a wholly owned subsidiary of Carter's Inc., an Atlanta-based designer and marketer of apparel and related products principally for babies and young children.
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