Lumber Liquidators expands revolver to $212.5 million, ups pricing

By Marisa Wong

Los Angeles, April 20 – Lumber Liquidators Holdings, Inc. said it reached an agreement with its lenders on April 17 to amend its senior secured credit facilities.

Effective through Aug. 30, the amendment increases the senior asset-based revolving credit facility to $212.5 million from $175 million, resulting in an increase in total availability under the senior secured credit facilities to $237.5 million from $200 million.

The credit agreement, which also includes a $25 million FILO term loan, is still set to mature March 29, 2024.

The amendment also increases the margin for Libor loans to a range of 250 basis points to 300 bps for revolving loans and to a range of 375 bps to 450 bps for FILO term loans. The margin is based on average daily excess availability under the revolver.

In addition, the amendment increases the unused commitment fee to 50 bps under the revolver.

After the amendment, the company had a total of $105 million of loans and letters of credit outstanding under the revolver, $25 million outstanding under the FILO term loan and $41 million in cash and cash equivalents on its balance sheet.

The amendment is part of the company’s efforts to increase its liquidity for weathering Covid-19 related challenges, according to a press release.

The hardwood flooring retailer is based in Richmond, Va.

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