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Foot Locker may tap $200 million under five-year asset-based revolver
By Susanna Moon
Chicago, Feb. 2 - Foot Locker, Inc. may draw up to $200 million initially under a five-year asset-based revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.
During the five-year term, the company may make up to four requests for additional credit commitments for up to $200 million.
Interest on the loans is Libor plus 125 basis points to 150 bps, based on average daily availability.
The facility may be used for the issuance of letters of credit, to finance the acquisition of working capital assets in the ordinary course of business and capital expenditures, and for general corporate purposes.
There are no borrowings outstanding under the restated agreement. Letters of credit totaling $930,000 that were outstanding under the company's 2009 credit agreement as of last Friday remain outstanding under the restated agreement.
Under the terms of the loans, the company must maintain availability for five consecutive business days of at least 12.5% of the loan cap.
The company amended its credit agreement last Friday with Bank of America, NA as administrative agent, collateral agent, swingline lender and letter-of-credit issuer. JPMorgan Chase Bank, NA and Wells Fargo Capital Finance, LLC are co-syndication agents; U.S. Bank NA is documentation agent; and Bank of America Merrill Lynch and J.P. Morgan Securities LLC are the lead arrangers and bookrunners.
The agreement amends and restates the agreement with Bank of America as administrative agent.
Foot Locker is a New York-based specialty athletic retailer.
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