J.P. Morgan arranged an amendment to an $800 million senior unsecured revolving credit facility for Dillard’s. The amended credit facility is secured by inventory of certain subsidiaries. A $200 million expansion option remains in place and the maturity date remains Aug. 9, 2022.
The credit facility is available to Dillard’s for general corporate purposes including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases. There are no financial covenant requirements under the amended credit agreement provided availability exceeds $100 million.
Concurrent with the signing of the amended credit facility, Dillard’s repaid the $779 million borrowed under the previous agreement on March 25, 2020. Dillard’s will have no borrowings under the amended credit facility at May 2, 2020.
Dillard’s is a fashion retailer.
