Regis amends, restates $400 million revolving credit facility due 2018

By Toni Weeks

San Luis Obispo, Calif., June 14 - Regis Corp. amended and restated its credit agreement with JPMorgan Chase Bank, NA as administrative agent, swingline lender and issuer, according to an 8-K filed Friday with the Securities and Exchange Commission.

The credit agreement provides for a $400 million unsecured revolving credit facility due June 11, 2018. The company may request to increase revolving credit commitment by up to $200 million under certain conditions.

Loans may be made in dollars, euros, pounds sterling, Canadian dollars or other eurocurrencies. Offshore rate loans have a sublimit of $50 million.

Borrowings will bear interest initially at the Base Rate plus 2,500 basis points. The margin can increase to up to 8,500 bps, based on the company's net leverage ratio.

The agreement includes, among other things, a maximum leverage ratio covenant, a minimum fixed-charge coverage ratio covenant and some restrictions on liens, liquidity and other debt.

Bank of America, Na is the syndication agent and issuer. Bank of Tokyo-Mitsubishi UFJ, Ltd., U.S. Bank NA and Wells Fargo Bank, NA are documentation agents.

The agreement amends and restates the company's amended and restated credit agreement dated June 30, 2011 with JPMorgan Chase Bank as administrative agent.

Minneapolis-based Regis is a hair-care salon franchise company.

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