Crocs, Inc. entered into an amendment to its amended and restated
credit agreement, expanding the existing $70M line of credit set to
expire in December 2016 with a five year $100M revolving line of credit,
which includes a 50 basis point reduction in interest rates over the
existing line of credit.
The loan is provided by PNC Bank, N.A., a member of The PNC
Financial Services Group, Inc. (NYSE:PNC). JPMorgan Chase Bank and Wells
Fargo Bank, N.A. are also participants in the credit agreement.
“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,” stated Jeff Lasher, Crocs' CEO. “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.
(
SportsOneSource Media )
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