1-800-Flowers ups term loan to $200 million, drops revolver to $225 million

By Wendy Van Sickle

Columbus, Ohio, June 28 – 1-800-Flowers.com, Inc. amended and restated its credit agreement with JPMorgan Chase Bank, NA as administrative agent on June 27 to provide for a five-year $200 million term loan and a five-year $225 million revolver, according to an 8-K filing with the Securities and Exchange Commission.

The size of the term loan is an increase from $150 million previously. The revolver was downsized from $250 million and will seasonally adjust to drop to $125 million for the period from Jan. 1 through Aug. 1 of each fiscal year of the company.

Each tranche will mature on June 27, 2028, which is an extension of 48 months over the previous maturity dates.

Additionally, the amendment increased interest rate margins by 25 basis points.

Borrowings now bear interest at SOFR plus a 10-bps adjustment plus a margin ranging from 175 bps to 250 bps, based on consolidated leverage ratio. The revolver has a commitment fee ranging from 20 bps to 35 bps, based on leverage ratio.

JPMorgan and Wells Fargo Securities, LLC are the lead arrangers and bookrunners.

Wells Fargo Bank, NA is the syndication agent.

Bank of America, NA, TD Bank, NA and Citibank, NA are the co-documentation agents.

Revolver proceeds may be used for working capital and general corporate purposes. The term loan was used to refinance existing term loans.

1-800-Flowers is a Carle Place, N.Y.-based multi-channel retailer of gifts.

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