Williams-Sonoma borrows full $487.8 million available under revolver

By Wendy Van Sickle

Columbus, Ohio, March 23 – Williams-Sonoma, Inc. borrowed the entire $487.8 million available under its $500 million unsecured revolving line of credit on Monday, according to an 8-K filed Friday with the Securities and Exchange Commission.

Prior to the drawdown, Williams-Sonoma had $12.2 million in issued but undrawn standby letters of credit outstanding under the line of credit.

The borrowing was a precautionary measure to increase the company’s cash position and preserve maximum financial flexibility in light of current uncertainty in the global markets resulting from the Covid-19 outbreak, Williams-Sonoma said.

The borrowings bear interest at Libor plus 102.5 basis points for a total interest rate of 2.0045%.

Williams-Sonoma is a high-end consumer retail company based in San Francisco.

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