Elizabeth Arden amended its existing credit facility to permit certain of its foreign subsidiaries to make borrowings under the amended credit facility and to secure such borrowings with certain assets of such subsidiaries.
According to a related 8-K filing, JPMorgan Chase served as administrative agent. Bank of America served as U.S. collateral agent and syndication agent. Wells Fargo and HSBC served as co-documentation agents. JPMorgan, Bank of America and Wells Fargo were joint lead arrangers and joint bookrunners.
The amended credit facility now provides for a Canadian senior secured revolving credit sub-facility in aggregate amount of up to $15 million and for a European senior secured revolving credit sub-facility of up to $100 million.
The Canadian facility secured by a first perfected security interest in the accounts receivable and certain other assets of the company’s subsidiary in Canada, Elizabeth Arden (Canada).
The European senior secured revolving credit sub-facility is secured by a first perfected security interest in the accounts receivable and certain other assets of the company’s subsidiaries in Switzerland and the UK, Elizabeth Arden International and Elizabeth Arden (UK); the inventory of EAISA located in the Netherlands and the U.S. and the outstanding equity interests of EAISA, EA UK, Elizabeth Arden (Netherlands) and Elizabeth Arden (Switzerland),subject to certain limitations with respect to entities deemed to be “controlled foreign corporation” holding companies as described in the amended credit facility.