Five Below extends credit agreement maturity, brings SOFR on board

By Wendy Van Sickle

Columbus, Ohio, Sept. 16 – Five Below, Inc. entered an amendment to its credit agreement on Friday to extend the maturity date to Sept. 16, 2027 from April 24, 2023, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also replaced the existing Libor provisions with SOFR provisions and converted the outstanding loans to SOFR-based loans.

Borrowings will now accrue interest at SOFR plus an applicable margin ranging from 112 basis points to 150 bps, depending on average availability.

Wells Fargo Bank, NA is the agent of the credit agreement, which is originally dated April 24, 2020.

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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