Caleres, the parent company of Famous Footwear and the Naturalizer, Vionic, Allen Edmonds, Blowfish Malibu, and Sam Edelman brands, has entered into an amendment of its credit agreement, which extends its senior secured asset-based revolving credit facility to June 2030. The company’s borrowing capacity under the agreement will reportedly increase by $200 million to $700 million, and the agreement is said to include an accordion feature, which allows the company to request an increase in the size of the facility to $950 million in the aggregate.
“The expanded facility provides Caleres with enhanced liquidity and flexibility, and further strengthens the balance sheet,” said Jack Calandra, SVP and CFO, Caleres. “In the near term, after continuing to pay our dividend, Caleres’ capital allocation priorities are to complete the acquisition of Stuart Weitzman and invest in our growth vectors. Longer term, we will balance our investment priorities with debt reduction and returning capital to shareholders.”
Bank of America, N.A. is the administrative agent, collateral agent and lead issuing bank. Truist Bank, Wells Fargo Bank and U.S. Bank served as the joint lead arrangers and joint bookrunners. Fifth Third Bank, Regions Bank and TD Bank also participated in the credit facility.
Image Famous Footwear / Caleres
