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

By Wendy Van Sickle

Columbus, Ohio, Nov. 3 – Kohl’s Corp. entered into a $1 billion second amended and restated revolving credit facility on Friday with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The five-year unsecured facility has an up to $300 million accordion feature.

Interest will range from Libor plus 91 basis points to 150 bps. The facility fee ranges from 9 bps to 25 bps. Both depend on the company’s credit ratings. The initial margin above Libor is 110 bps, and the initial facility fee is 15 bps.

The facility matures on Nov. 3, 2022.

Wells Fargo Securities, LLC, BofA Merrill Lynch, JPMorgan Chase, Bank, NA, MUFG and U.S. Bank NA are joint lead arrangers and bookrunners; JPMorgan, MUFG and U.S. Bank are swingline lenders and syndication agents; and Goldman Sachs Bank USA and Morgan Stanley Senior Funding, Inc. are documentation agents.

Proceeds may be used to repay existing debt and for working capital and general corporate purposes.

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

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