Helen of Troy Limited, the parent of Osprey and Hydro Flask, announced that it has amended its existing credit facility to provide more financial flexibility.
The amendment to the credit line, originally dated February 15, 2024, extends the holiday on the maximum leverage ratio and modifies the interest coverage ratio by replacing an EBIT measure with an EBITDA measure. The amendment also reduces the commitment under the revolving credit facility from $1.0 billion to $750 million and includes an additional interest margin tier at a net leverage ratio of 4 times or greater.
Brian L. Grass, chief financial officer, stated: “As anticipated, and highlighted on our October earnings call, we partnered with Bank of America and our lender group to amend our credit facility on favorable terms. The extended Leverage Ratio holiday and change in the Interest Coverage Ratio definition give us greater flexibility to navigate the evolving trade and macroeconomic landscape, and we do not expect the reduction in the commitment under the revolving credit facility to create a limitation on our borrowing capacity for the foreseeable future. We are grateful for the ongoing partnership with Bank of America and our lender group, who unanimously approved the amendment.”
Helen of Troy ‘s brands also include Oxo, Vicks, Braun, Honeywell, Pur, Hot Tools, Drybar, Curlsmith, Revlon, and Olive & June.
Image courtesy Osprey
