Burlington lifts commitments to $900 million, swaps Libor with SOFR

By Marisa Wong

Los Angeles, July 22 – Burlington Coat Factory Warehouse Corp., an indirect wholly owned subsidiary of Burlington Stores, Inc., entered into a fourth amendment on July 20 to its second amended and restated credit agreement dated Sept. 2, 2011 to increase commitments to $900 million from $650 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also removes and replaces the Libor-based interest rate benchmark provisions with SOFR-based interest rate benchmark provisions. Daily SOFR is applicable for borrowings up to $100 million, or up to the full amount of the commitments if term SOFR is not available.

The amendment provides that advances under the credit agreement will bear interest at daily SOFR or term SOFR plus a margin that ranges from 112.5 basis points to 137.5 bps, depending on the average daily availability of the lesser of the total commitments or the borrowing base.

Bank of America, NA is administrative agent and collateral agent.

Burlington Coat Factory is a Burlington, N.J.-based discount retailer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.