PNC, Others Amend Crocs Credit Facility
Crocs announced that the company amended and restated its credit agreement, expanding the existing $70 million line of credit set to expire in December 2016 with a five-year $100 million revolving line of credit, which includes a 50 basis point reduction in interest rates over the existing line of credit.
The loan was provided by PNC Bank, JPMorgan Chase Bank and Wells Fargo Bank.
“The amendment to our credit agreement allows us to take advantage of historically low interest rates and provides us with additional financial capability to execute our strategic and capital allocation plans,” Jeff Lasher, Crocs CFO, said. “This improved credit agreement broadens our financial flexibility, increases our ability to repurchase shares and further bolsters our solid capital position.”
Borrowings under the revolving credit facility will bear interest at variable rates. Other changes to the credit agreement made by the amendment will be further described in the Company’s Form 8-K, to be filed with the Securities and Exchange Commission.
Crocs manufactures casual footwear for men, women and children.