Crocs lifts revolver to $750 million, extends to 2027

By Mary-Katherine Stinson

Lexington, Ky., Dec. 1 – Crocs Inc. and its subsidiaries have increased the commitment of their revolving credit agreement by $150 million to bring it to $750 million, according to an 8-K filed with the Securities and Exchange Commission.

Total commitments can be increased by an additional $250 million subject to certain conditions.

Crocs Retail, LLC, Jibbitz, Inc., Colorado Footwear CV and Crocs Europe BV are the subsidiary borrowers under the amended facility which has been extended to Nov. 30, 2027.

Under the Nov. 30 amended agreement, certain provisions are more favorable to the company and certain alternative currency borrowings are allowed.

Interest is between SOFR plus 140 basis points to 202.5 bps. The revolving commitment fee is between 10 bps and 22.5 bps.

There were no material changes in the financial covenants or changes to the interest rates on outstanding borrowings under the credit agreement.

PNC Bank NA is administrative agent, U.S. dollar swing loan lender and issuing lender.

Bank of America, NA, London Branch is the alternative currency swing loan lender.

PNC Capital Markets is also a joint lead arranger and the sole bookrunner. Bank of America, NA, Citibank, NA, HSBC Bank USA, NA and KeyBank NA join as joint lead arrangers and co-syndication agents.

This fifth amendment amended certain terms of the second amended and restated credit agreement dated July 26, 2019.

Crocs is a Broomfield, Colo.-based casual footwear company.

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