Finish Line enters into $315 million five-year asset-based revolver

By Tali Rackner

Minneapolis, June 18 – Finish Line, Inc. entered into a new credit agreement on Monday that provides for a $315 million senior secured asset-based revolving credit facility due June 18, 2023, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement consists of a $300 million senior secured asset-based revolver and a $15 million first-in, last-out senior secured asset-based revolver.

Interest is Libor plus 125 basis points to 150 bps, depending on the average undrawn availability.

Proceeds were used to fund a portion of the company’s merger with and acquisition by JD Sports Fashion plc.

Subsidiaries Finish Line USA, Inc., Finish Line Distribution, Inc., Finish Line Transportation Co., Inc., and Spike’s Holding, LLC, along with Genesis Merger Sub, Inc., are also borrowers under the facility.

PNC Bank, NA is the administrative agent.

PNC Capital Markets, LLC and Wells Fargo Bank, NA are joint lead arrangers and bookrunners, with Wells Fargo and Bank of America, NA as co-syndication agents.

Finish Line is an Indianapolis-based retailer of athletic shoes and apparel. JD Sports is a Bury, England-based retailer and distributor of branded sportswear and fashionwear.

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