Kohl’s signs new $1.5 billion five-year secured revolver

By William Gullotti

Buffalo, N.Y., Jan. 19 – Kohl’s Corp. entered into a $1.5 billion senior secured, asset based revolving credit facility with Wells Fargo Bank, NA as administrative agent on Thursday, according to an 8-K filing with the Securities and Exchange Commission.

The revolver, which matures Jan. 19, 2028, has a $200 million sublimit for letters of credit and a $150 million sublimit on swingline loans.

The borrowers may request an increase of an additional $1.5 billion in commitments in some circumstances.

Borrowings will bear interest at SOFR plus a margin ranging from 125 basis points to 175 bps. There is a quarterly available commitment fee of either 25 bps or 37.5 bps.

The applicable margin and fees are based on revolver availability.

Obligations under the agreement are secured by substantially all of the assets of the company and its subsidiaries other than real estate.

In addition to serving as administrative agent, Wells Fargo is a joint lead arranger and joint bookrunner with Capital One, NA, MUFG Bank, Ltd., U.S. Bank, NA, Bank of America, NA, JPMorgan Chase Bank, NA and TD Bank, NA.

BofA, JPMorgan and U.S. Bank are also co-syndication agents. Capital One, TD Bank and MUFG are also co-documentation agents.

In connection with the new revolver, the company terminated its $1 billion five-year revolver, also with Wells Fargo as administrative agent, signed on Oct. 22, 2021.

Kohl’s is a retail-department store chain based in Menomonee Falls, Wisc.

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