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Restoration Hardware lifts revolving line of credit by $182.5 million
By Susanna Moon
Chicago, Dec. 1 – Restoration Hardware Holdings, Inc.’s wholly owned subsidiaries, Restoration Hardware, Inc. and Restoration Hardware Canada, Inc., lifted their revolving line of credit by $182.5 million while eliminating the $15 million term loan.
The companies amended the credit agreement on Nov. 24 with Bank of America, NA as administrative agent and collateral agent, according to an 8-K filing with the Securities and Exchange Commission.
Bank of America Merrill Lynch, Wells Fargo Bank, NA and J.P. Morgan Securities LLC are the joint lead arrangers and bookrunners.
Wells Fargo Bank, NA is the syndication agent. JPMorgan Chase Bank, NA and U.S. Bank NA are the documentation agents.
Under the loan terms, Restoration Hardware has a revolving line of credit available of up to $600 million, of which $10 million is available to Restoration Hardware Canada, Inc.
Restoration Hardware, Inc. has the option to increase the revolver amount by up to another $200 million.
Interest initially will be Libor plus 150 basis points with a spread of Libor plus 125 bps to 175 bps based on average daily domestic availability.
The credit availability at any given time is limited by a borrowing base formula.
The restrictive covenants include limitations on the ability to grant liens, make loans or other investments, incur additional debt, issue additional equity, merge or consolidate with or into another person, sell assets, pay dividends or make other distributions or enter into transactions with affiliates, along with other restrictions and limitations typical to credit agreements of this type and size.
Corte Madera, Calif.-based Restoration Hardware is a specialty retailer.
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