According to a filing with the Securities & Exchange Commission, Quiksilver, Inc., entered into an amended and restated credit agreement with Bank of America.
Under the revolving facility, the amount to be extended to the borrower is limited to the lesser of (i) $160 million in the case of U.S. borrowers; $30 million in the case of the Canadian borrower; $25 million in the case of the Australian borrower; or $15 million in the case of the Japanese borrower (with a borrower option to expand the aggregate commitments by up to an additional $125 million on certain conditions). The borrowing base will be calculated upon designated percentages of eligible accounts receivable, eligible inventory and, in the case of U.S. and Canadian borrowers, eligible credit card receivables of the applicable borrowers and guarantors, less customary reserves.
The revolving facility includes a $92.5 million sublimit for U.S.
letters of credit; a $12.5 million sublimit for Canadian letters of
credit; a $25 million sublimit for Australian letters of credit; and a
$15 million sublimit for Japanese letters of credit. Outstanding loans
generally may be repaid in whole or in part at any time, without
penalty, subject to certain customary limitations. The revolving
facility has a term of five years; provided that, if Quiksilver, Inc.’s
6-7/8 percent senior notes due 2015 or any applicable indebtedness
incurred to refinance such notes or Boardriders, S.A.’s 8.875 percent
senior notes due 2017 or any applicable indebtedness incurred to
refinance such notes are not refinanced or redeemed at least 91 days
prior to their applicable scheduled maturity date, the revolving
facility shall become automatically due and payable 91 days prior to
such applicable scheduled maturity date.
