Callaway Golf obtains amended, restated $400 million ABL revolver

By Rebecca Melvin

New York, May 22 – Callaway Golf Co. and a group of other Calloway borrowers amended and restated on May 17 their asset-based loan facility, which includes an up to $400 million revolver, according to an 8-K filing with the Securities and Exchange Commission.

The facility includes a $260 million U.S. facility, a $25 million Canadian facility, a $45 million U.K. facility and a $70 million German facility, subject to borrowing base availability and reallocation of amounts between jurisdictions.

Bank of America, NA is the administrative agent and collateral agent for the facility that dates originally from June 30, 2011.

Interest is Libor plus 150 basis points to 200 bps, depending on the availability ratio.

There is a 25 bps fee on the unused portion of the revolver.

The facility matures on May 17, 2024.

The facility also provides for the right to request up to $150 million of incremental commitments, which the lenders are not obliged to provide.

Callaway Golf is a Carlsbad, Calif.-based manufacturer and seller of golf clubs and golf balls, and seller of bags, accessories and apparel in the golf and lifestyle categories.

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