Caleres announced it has entered into an amendment of its credit agreement, which extends its senior secured asset-based revolving credit facility to January 2024, reduces upfront and unused borrowing fees, provides for less restrictive covenants, and offers more flexibility.

The company’s borrowing capacity under the agreement is $500 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 be used for working capital, as backing for trade letters of credit, and 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. is the documentation agent. Bank of America, N.A and Wells Fargo Bank, National Association were the joint lead arrangers and joint bookrunners.

Caleres’ major businesses include Famous Footwear, Sam Edelman, Naturalizer and Allen Edmond.. Rounding out its family of brands are Vionic, Vince, Franco Sarto, Dr. Scholl’s Shoes, LifeStride, Via Spiga, Diane von Furstenberg, Blowfish Malibu, Bzees, Carlos by Carlos Santana, Circus by Sam Edelman, Fergie and Ryka.