According to an 8K filed with the SEC, BMO Harris Bank served as lender and administrative agent for an amendment to Duluth Holdings’ existing credit agreement. The amended agreement provides Duluth with an incremental delayed draw term loan of $20.5 million that will be available to be drawn before April 29, 2021. The agreement also amended Duluth’s loan covenants to allow for greater flexibility during its peak borrowing periods this year.
Duluth now has $85 million outstanding on its line of credit, $7 million of cash on its balance sheet and an additional $20.5 million of borrowings now available on its $150 million credit facility. According to the 8K, in addition to the $20.5 million delayed draw term loan, the $150 credit facility includes an $80 million revolving credit and associated swing line as well as an additional $50 million delayed draw term loan.
Duluth’s capital expenditure plans for 2020 have been cut in half and are expected to be close to $15 million.
Duluth is an apparel brand that provides casual wear, workwear and accessories for men and women.
