According to a regulatory filing, Hibbett, Inc. modified its unsecured credit agreement with Regions Bank that expires July 9, 2026, to expand the limit to $125 million from $100 million. All covenants remain unchanged.

The financial covenants included in the agreement are as follows:

  • Advance limitation of 55 percent of the net book value of the company’s inventory;
  • A consolidated lease-adjusted leverage ratio comparing lease-adjusted funded debt (funded debt plus all lease liabilities) to EBITDAR (as defined in the Agreement) with a maximum of 3.5x; and
  • A consolidated fixed coverage charge ratio comparing EBITDAR to fixed charges and certain current liabilities (as defined in the Agreement) with a minimum of 1.2x.

Photo courtesy Hibbett