Ollie’s Bargain Outlet gets restated $100 million revolver due 2024

By Wendy Van Sickle

Columbus, Ohio, May 24 – Ollie’s Bargain Outlet Holdings, Inc.’s subsidiaries, Ollie’s Holdings, Inc., Ollie’s Bargain Outlet, Inc. and OBO Ventures, Inc., entered an amended and restated credit agreement on May 22 for a $100 million revolver, according to an 8-K filing with the Securities and Exchange Commission.

Manufacturers and Traders Trust Co. is the sole lead arranger and bookrunner and administrative agent.

The revolver, which includes a $45 million sub-facility for letters of credit and a $25 million sub-facility for swingline loans, matures on May 22, 2024.

The borrowers may, at any time and from time to time add term facilities or additional revolving commitments up to $150 million.

The revolver bears interest at Libor plus a margin of between 1700 basis points and 150 bps, depending on availability. Initially, the margin is 100 bps.

In addition, the borrower will pay an unused commitment fee of between 12.5 bps and 25 bps on the undrawn commitments, also depending on availability.

There were no outstanding borrowings under revolver as of the closing date. However, some letters of credit that were issued under the previous revolver were rolled into the new revolver.

The previous facilities were terminated following their repayment.

Ollie’s is a Harrisburg, Pa.-based retailer of closeouts, excess inventory and salvage merchandise.

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