Kohl’s enters into $1 billion amended, restated five-year revolver

By Tali Rackner

Norfolk, Va., July 6 – Kohl’s Corp. entered into a $1 billion senior unsecured amended and restated revolving credit facility on July 1 with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The five-year facility has a $100 million sublimit for swingline loans, a $500 million sublimit for letters of credit and an up to $300 million accordion feature.

Interest is equal to Libor plus 91 basis points to 130 bps. The facility fee ranges from 9 bps to 20 bps.

The facility matures on July 1, 2020 and may be extended by additional one-year periods, up to a maximum of seven years.

In addition, the credit agreement requires Kohl’s to maintain a maximum debt ratio of 3.75 times.

Merrill Lynch, Pierce, Fenner & Smith Inc., U.S. Bank and Wells Fargo Securities, LLC are joint lead arrangers and bookrunners; U.S. Bank NA and Wells Fargo Bank, NA are swingline lenders and syndication agents; and Morgan Stanley Senior Funding, Inc. is documentation agent.

Kohl’s is a department store chain based in Menomonee Falls, Wis.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.