Rocky Shoes & Boots has received financing commitments, subject to customary closing conditions from GMAC Commercial Finance LLC and American Capital Strategies, Ltd for credit facilities totaling $148 million. The new credit facilities will be used to fund the Company’s recently announced acquisition of EJ Footwear Group and replace its existing revolving credit facility.
Rocky Shoes & Boots announced on December 6, 2004 that it has signed a definitive agreement to purchase 100% of the equity interests of EJ Footwear. The total purchase price will be $87.7 million in cash plus 484,261 shares of Rocky common stock, which were valued at $10 million at the date of the definitive agreement. The Company expects the acquisition to close in January 2005.
