Caleres amends, restates $500 million five-year revolving facilities

By Sarah Lizee

Olympia, Wash., Jan. 24 – Caleres, Inc. and some of its subsidiaries amended and restated its credit agreement on Jan. 18 with Bank of America, NA as administrative agent for up to $500 million of secured revolving credit facilities, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement matures Jan. 18, 2024.

Borrowings bear interest at Libor plus a margin that ranges from 125 basis points to 150 bps, depending on average excess availability. Interest is currently Libor plus 150 bps.

The facilities may be increased by up to $250 million, which may be further increased to account for excess borrowing base.

Up to $100 million of the facilities may be used for letters of credit and banker’s acceptances, and up to $50 million may be used for swingline loans.

Borrowing availability under the credit agreement is limited to the lesser of the total commitments and the borrowing base, which is based on stated percentages of the sum of eligible accounts receivable, eligible inventory and eligible credit card receivables, less applicable reserves.

As of Jan. 5, the company had about $10.5 million of credit extensions outstanding, including outstanding letters of credit, and about $139.5 million available for borrowing under the credit agreement.

Bank of America, NA and Wells Fargo Bank, NA are joint lead arrangers and joint bookrunners. Wells Fargo Bank is the syndication agent and SunTrust Bank is the documentation agent.

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

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