Rocky Brands increases revolver to $200 million, amends term loan

By Rebecca Melvin

Concord, N.H., June 10 – Rocky Brands, Inc. entered into a second amendment on June 8 to its ABL loan and security agreement with TCW Asset Management Co. LLC as administrative agent to increase the revolving credit facility by $25 million to $200 million, according to an 8-K filing with the Securities and Exchange Commission.

After Dec. 31, 2022, the revolver will be reduced to $175 million.

After the increase and subsequent decrease, the company’s uncommitted accordion will be in the amount of $25 million.

Other borrowers under the agreement are Lifestyle Footwear Inc., Rocky Brands US LLC, Lehigh Outfitter LLC, Rocky Outdoor Gear Store LLC and US Footwear Holdings LLC.

In addition, on June 8 the companies entered into a second amendment to their term loan agreement with TCW Asset Management as agent to, among other things, consent to the increase and decrease in the revolver, amend reporting requirements and adjust certain pricing and prepayment terms.

The term loan amendment provides that the maximum total leverage ratio will be 4:1 for the quarter ended June 30, and both the ABL amendment and term loan amendment also provide certain EBITDA adjustments relating to their applicable financial covenants.

Rocky Brands is a Nelsonville, Ohio-based designer, manufacturer and marketer of footwear.

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