Rocky Brands enters into amended, restated $80 million credit agreement

By Tali Rackner

Norfolk, Va., Dec. 23 – Rocky Brands, Inc. entered into an amended and restated revolving credit, term loan, guaranty and security agreement on Dec. 19, replacing the existing revolving agreement, according to an 8-K filing with the Securities and Exchange Commission.

PNC Bank NA is the administrative agent.

The credit facility is comprised of an up to $75 million revolving credit facility, which may be increased to up to $95 million and provides for up to $7.5 million of letters of credit. It also includes a $5 million term loan facility.

The facility matures on Nov. 30, 2019.

Interest on the revolver is equal to Libor plus 125 basis points to 200 bps, and interest on the term loans is Libor plus 150 bps to 225 bps. The facility fee ranges from 20 bps to 25 bps.

Proceeds will be used to partially fund permitted capital expenditures, fund permitted acquisitions and dividends, issue letters of credit, pay the fees and expenses associated with this transaction at closing and provide for working capital needs and reimburse drawings under letters of credit.

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

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