Five Below restates for $225 million three-year asset-based revolver

By Wendy Van Sickle

Columbus, Ohio, April 29 – Five Below, Inc. amended and restated its loan and security agreement to provide for a $225 million three-year asset-based revolver, according to an 8-K filing with the Securities and Exchange Commission.

Five Below has the option to increase the total commitment to up to $375 million.

Borrowings bear interest at Libor plus a margin of 200 basis points to 225 bps.

Proceeds will be used to acquire working capital assets, including inventory and equipment, for capital expenditures and general corporate purposes and to repay existing debt.

The credit facility matures on April 24, 2023.

Wells Fargo Bank, NA and PNC Capital Markets LLC are the joint lead arrangers and bookrunners.

Truist Bank is the syndication agent.

Wells Fargo is the administrative agent.

Five Below is a specialty value retailer based in Philadelphia offering merchandise targeted at the aspirational teen and pre-teen customer.

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