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Sportsman’s Warehouse enters $350 million five-year restated revolver
By Marisa Wong
Los Angeles, May 31 – Sportsman’s Warehouse, Inc., a wholly owned subsidiary of Sportsman’s Warehouse Holdings, Inc., entered into an amended and restated credit agreement on May 27 for a $350 million senior secured revolving credit facility due May 27, 2027, according to an 8-K filing with the Securities and Exchange Commission.
The credit agreement amends and restates the company’s amended and restated credit agreement dated May 23, 2018, increasing the maximum borrowing capacity to $350 million from $250 million, subject to a borrowing base calculation, and extending the maturity date to May 27, 2027 from May 23, 2023.
The restated agreement also replaces Libor with term SOFR as the benchmark interest rate and makes some related conforming changes.
As of May 27, the company had $138,543 outstanding under the revolver and $1,967 of standby commercial letters of credit.
Borrowings will bear interest at term SOFR plus an applicable margin ranging from 135 basis points to 160 bps, depending on average daily availability.
The company is required to pay a commitment fee for the unused portion of the revolver, which will range from 20 bps to 22.5 bps, also based on average daily availability.
The lien securing the obligations under the revolving credit line is a first priority lien on some liquid assets, including cash, accounts receivable, deposit accounts and inventory. In addition, the credit agreement contains provisions that enable Wells Fargo to require the company to maintain a lock-box for the collection of all receipts.
The credit agreement contains some mandatory prepayment provisions. It contains substantially the same affirmative and negative covenants as the prior credit agreement.
Wells Fargo Bank, NA is the administrative agent, collateral agent and swingline lender.
The outdoor sporting goods retailer is based in West Jordan, Utah.
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