Crocs, Inc. has obtained an extension for its existing credit facility with Union Bank of California N.A. The maturity date of the existing facility has been extended from Apr. 2, 2009 to Sept. 30, 2009. The amendment includes scheduled principle and interest payments and scheduled reductions in applied interest rate.
Union Bank of California N.A. continues to be supportive with its negotiations with Crocs. Crocs, Inc. is currently continuing negotiations with other financial institutions to arrange longer term financing.
“We are pleased with this extension as it provides us the headroom necessary to complete our restructuring plans, realign our operations and refocus the Crocs brand,” said John Duerden, president and chief executive officer of Crocs.
As of Dec. 31, the company had $51.6 million in cash and cash equivalents and $22.4 million in borrowings under its revolving credit facility.
