Skechers USA Inc. announced that it has expanded its senior, unsecured credit facility to $750 million, which retains a $250 million accordion feature that provides for total liquidity up to $1 billion. This is an amendment to the $500 million senior unsecured credit facility that Skechers entered into in 2019, which was due to expire in November 2024. The amendment extends the maturity date of the credit facility to December 2026.
“Following our record third-quarter results reflecting exceptional demand for our comfort technology products, we sought to further strengthen our available liquidity and take advantage of favorable credit market conditions,” said John Vandemore, Skechers CFO. “This transaction will serve to further support Skechers’ global growth strategy.”
The syndicate of lenders includes Bank of America N.A., a subsidiary of Bank of America N.A. (NYSE:BAC), as lead arranger, and BofA Securities, Inc., a subsidiary of Bank of America Corporation, HSBC Bank USA, N.A., a subsidiary of HSBC Holdings plc (NYSE:HSBC) and JPMorgan Chase Bank, N.A., a subsidiary of JPMorgan Chase & Co. (NYSE:JPM) as joint lead arrangers for the facility.
Additional participants in the syndicate include Bank of China, City National Bank, Bank of Nova Scotia (Scotiabank), and Mizuho Bank.
Photo courtesy Skechers
