According to an 8K filed with the SEC, Bank of America will serve as administrative agent and collateral agent and Wells Fargo will serve as syndication agent for an amendment to Lumber Liquidators’ senior secured credit facilities.
Although the facilities maturity remains March 2024, the amendment is effective through August 30, 2020 and provides:
- An increase in the senior asset-based revolving credit facility from $175 million to $212.5 million, which increases the total availability under the facilities from $200 million to $237.5 million, subject to the borrowing base calculation
- An increased advance rate against inventory under the borrowing base
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Lumber Liquidators augmented its cash balance by borrowing $37 million under the amended facility, and as of April 17, the company had liquidity of approximately $120 million, including approximately $41 million in cash and cash equivalents.
Lumber Liquidators is a specialty retailer of hard-surface flooring in North America.
