Restoration Hardware amends revolver, extending tenor, increasing size, reducing spreads

By Sara Rosenberg

New York, May 3 - Restoration Hardware Inc. amended its revolving credit facility, extending the maturity by one year to June 30, 2012, increasing the size to $190 million from $150 million and decreasing pricing, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Spreads on the revolver can now range from Libor plus 100 to 150 basis points, based on availability. The initial rate is 100 bps.

The revolver includes a $15 million tranche available at a higher advance rate against the assets constituting the borrowing base.

The amendment also lowered the minimum fixed-charge coverage ratio for certain loans under the facility and changed the circumstances in which the fixed-charge coverage ratio applies.

The amendment was completed on April 27.

Bank of America is the agent on the deal.

Restoration Hardware is a Corte Madera, Calif.-based specialty retailer of hardware, bath ware, furniture, lighting, textiles, accessories and related merchandise.

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