Bank of America served as administrative agent, collateral agent, documentation agent and lead issuing bank on an amendment to footwear company Caleres’ credit agreement, extending the senior secured asset-based revolving credit facility to January 2024.

The amendment also reduced the upfront and unused borrowing fees, will provide for less restrictive covenants and will offer more flexibility.

The company’s borrowing capacity under the agreement is $500 million, plus an accordion feature which would allow Caleres to request an increase in the size of the facility to $750 million in the aggregate.

The amended facility will be used for working capital, as backing for trade letters of credit, and for investments in infrastructure, potential acquisitions and general corporate purposes.

Wells Fargo Bank served as an issuing bank and a syndication agent on the transaction. Both Bank of America and Wells Fargo Bank acted as joint lead arrangers and joint bookrunners.

Caleres is a diverse portfolio of global footwear brands, among which include Famous Footwear, Naturalizer, Allen Edmonds, Vionic, Vince, Franco Sarto, Dr. Scholl’s Shoes, LifeStride, Via Spiga, Diane von Furstenberg, Blowfish Malibu, Bzees, Carlos by Carlos Santana, Circus by Sam Edelman, Fergie and Ryka.