Urban Outfitters extends revolver maturity to 2027, replaces Libor

By Marisa Wong

Los Angeles, June 15 – Urban Outfitters, Inc. and some of its domestic subsidiaries entered into a third amendment on June 10 to its amended and restated credit agreement to extend the maturity date of the senior secured revolving credit facility to June 2027, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also replaces Libor with adjusted SOFR, CDOR, Sonia or Euribor as the reference interest rate for borrowings. The applicable margin ranges from 112.5 basis points to 137.5 bps, depending on availability.

A commitment fee of 20 bps is payable quarterly on the unused portion of the amended facility.

The amended credit facility provides for loans and letters of credit up to $350 million, subject to a borrowing base that is comprised of eligible accounts receivable and inventory. The facility includes a swingline subfacility, a multicurrency subfacility and the option to expand the facility by up to $150 million.

Funds may be used for working capital and other general corporate purposes.

JPMorgan Chase Bank, NA is administrative agent, with J.P. Morgan Securities LLC and Wells Fargo Bank, NA as joint lead arrangers and co-bookrunners.

The retail company is based in Philadelphia.

© 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.