West Marine trims revolver to $120 million, extends maturity to 2017

By Marisa Wong

Madison, Wis., Dec. 5 - West Marine, Inc. entered into a first amendment to its amended and restated loan and security agreement dated Aug. 23, 2010 with Wells Fargo Bank, NA as agent and Wells Fargo Capital Finance, LLC as lead arranger and bookrunner.

According to an 8-K filing with the Securities and Exchange Commission, the company amended its four-year revolving credit facility on Nov. 30 to

• Reduce the maximum available borrowing capacity to $120 million from $140 million. Subject to certain conditions, the borrowing capacity may be increased up to an additional $25 million;

• Extend the final maturity to Nov. 30, 2017;

• Reduce the interest rates to Libor plus 150 basis points to 200 bps, depending on availability. The applicable margin previously ranged from 250 bps to 300 bps.

• Reduce the unused line fee for undrawn amounts; and

• Amend the procedures for issuing letters of credit.

All other terms of the amended and restated loan remain unchanged.

West Marine is a Watsonville, Calif.-based specialty retailer of boating supplies.

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