Rocky Brands refinances debt via amending, restating $225 million ABL

By William Gullotti

Buffalo, N.Y., April 29 – Rocky Brands, Inc. amended, restated, upsized and extended its $225 million ABL facility with Bank of America, NA as administrative agent, according to a press release on Monday.

The amended and restated agreement is intended to enhance the company’s cash flow and liquidity profile while simplifying the company’s capital structure.

The facility consists of a $175 million revolver and a $50 million term facility, the proceeds of which were used to retire the company’s existing senior secured term loan with TCW Asset Management Co., LLC as administrative agent on April 26.

The transactions are expected to generate net savings of approximately $2.9 million for the remainder of 2024, offset by fees and amortization associated with the retirement of the senior secured term loan facility of approximately $2.6 million. In 2025, the combined transactions are expected to generate annualized savings of approximately $4.4 million.

In addition, the company’s debt maturities were extended to April 2029 from March 2026.

The company noted that relevant details pertaining to the ABL and the subsequent retirement of the TCW facility will be included in an 8-K filing to be filed with the Securities and Exchange Commission.

Rocky Brands is a Nelsonville, Ohio-based designer, manufacturer and marketer of footwear.

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