Helen of Troy borrows $200 million from under credit agreement

By Sarah Lizee

Olympia, Wash., March 30 – Helen of Troy Ltd. drew about $200 million under its credit agreement with Bank of America, NA on March 24, according to an 8-K filing with the Securities and Exchange Commission.

The borrowing was made as part of a comprehensive precautionary approach to increase the company’s cash position and maximize its financial flexibility in light of the current volatility in the global markets resulting from the coronavirus outbreak.

After giving effect to the borrowing, the remaining amount available was $536.4 million. The company’s cash and cash equivalents on hand was about $393 million as of March 24.

Borrowings bear interest at Libor plus 100 basis points to 200 bps.

The commitment under the credit agreement terminates on March 13, 2025.

The company may repay amounts borrowed at any time without penalty.

Helen of Troy is a Hamilton, Bermuda-based designer, developer and marketer of brand-name housewares, health-care, home environment and personal-care consumer products.

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