Crocs, Inc. entered into an amended and restated credit agreement, effectively replacing the existing $30 million asset backed line of credit set to expire September 2014 with a five-year $70 million secured revolving line of credit.

The loan is provided by PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. JPMorgan and Wells Fargo Bank, N.A. are also participants in the credit agreement.

“The new credit agreement provides us with the additional financial flexibility to invest in our strategic initiatives,” stated Jeff Lasher, chief financial officer of Crocs, Inc. “This improves upon our already solid capital structure to support the company's plans for future growth.”

Borrowings under the revolving credit facility will bear interest at variable rates. Under the agreement, the company must adhere to certain financial covenants, which are more thoroughly described in the company's Form 8-K, which was filed today with the Securities and Exchange Commission. The facility matures in December 2016.