Caleres’ partial accordion lifts asset-based revolver to $600 million

By Wendy Van Sickle

Columbus, Ohio, April 14 – Caleres, Inc. exercised a portion of the accordion feature on its asset-based revolving credit facility, increasing the available borrowing capacity under the facility by $100 million to $600 million, according to a news release.

“This increase in our borrowing capacity – coupled with our ongoing efforts to reduce cash outflows – will help ensure Caleres has adequate liquidity to weather the current economic shutdown,” Ken Hannah, senior vice president and chief financial officer of Caleres, said in the release.

Following this exercise, Caleres has more than $335 million of liquidity, including $175 million of cash, with no significant debt maturities until 2023.

Caleres is a diverse portfolio of global footwear brands based in St. Louis.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.