Williams-Sonoma amends, restates credit facility, removes term loan

Chicago, Oct. 5 – Williams-Sonoma, Inc. entered into an eighth amended and restated credit agreement on Sept. 30 with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The agreement amends and restates the seventh agreement from Jan. 8, 2018.

The amendment extends the maturity date of the revolver to Sept. 30, 2026.

Previously reported, but not in the filing, the company had a $500 million revolving line of credit.

The revolver still has a $40 million swingline loan sublimit, a $75 million sublimit for multicurrency borrowings and a $75 million sublimit for the issuance of standby and commercial letters of credit.

The facility previously also provided for a $300 million term loan, which has been fully repaid and removed.

Interest stayed the same, at Libor plus a margin based on the company’s leverage ratio ranging from 91 basis points to 177.5 bps.

The credit facility contains a financial covenant requiring a maximum leverage ratio.

Bank of America, NA, Wells Fargo Bank, NA and U.S. Bank NA are lenders under the agreement.

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

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