Children’s Place increases revolving credit facility to $445 million

By Wendy Van Sickle

Columbus, Ohio, June 5 – Children’s Place, Inc. expanded its revolving credit facility to $445 million from $350 million, according to a news release Monday regarding the June 5 transaction.

The $95 million commitment increase came from new joint lead arranger PNC Bank.

The fifth amendment to the revolver also adds SOFR as the interest rate benchmark in place of Libor and updates the interest rates to reflect current market terms.

Based on excess availability, borrowings on the revolver bear interest at SOFR plus 200 basis points to 225 bps. The term loan on the same agreement has interest at SOFR plus 275 bps

The additional availability will support seasonal working capital needs and investments in the company’s future growth.

The specialty retailer is based in Secaucus, N.J.

© 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.