Brown Shoe Company (NYSE: BWS) (brownshoe.com)
today announced it has entered into an amended and restated credit
agreement, which extends its senior secured asset-based revolving credit
facility to December 2019, lowers the interest rate by 100 basis points,
reduces unused fees and provides for less restrictive covenants and more
flexibility. The company’s borrowing capacity under the agreement has
been increased to $600 million, and the agreement includes an accordion
feature, which allows the company to request an increase in the size of
the facility to $750 million in the aggregate.
The credit facility will primarily be used for working capital and as
backing for trade letters of credit. It may also be used for investments
in infrastructure, potential acquisitions and general corporate
purposes. Bank of America, N.A. is the administrative agent, collateral
agent and lead issuing bank. Wells Fargo Bank, National Association is
an issuing bank and a syndication agent. Bank of America, N.A., JPMorgan
Chase Bank, N.A. and Sun Trust Bank are co-documentation agents. Merrill
Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Bank,
National Association were the joint lead arrangers and joint bookrunners.
About Brown Shoe Company
Brown Shoe Company is a $2.5 billion, global, footwear company whose
shoes are worn by people of all ages, from all walks of life. Our
products are available virtually everywhere - in the over 1,200 Famous
Footwear and Naturalizer retail stores we operate, in hundreds of major
department and specialty stores, on 13 branded ecommerce sites, and on
many additional third-party retail websites. Through our broad range of
products, we serve three key market segments. Our Family brands - Famous
Footwear and Famous.com - are one-stop-shopping destinations for high
quality, affordable styles for a family’s every occasion. Active people
who want comfort, style and performance, can look to our Healthy Living
brands - Naturalizer, Dr. Scholl’s, LifeStride and Ryka. Our
Contemporary Fashion brands - Sam Edelman, Franco Sarto, Vince, Via
Spiga, Fergie Footwear and Carlos Santana - keep fashionistas in step
with the latest trends. At Brown Shoe Company, we inspire people to feel
good and live better... feet first!
Copyright Business Wire 2014