Rocky Brands enters into new $75 million ABL revolver due 2024

By Sarah Lizee

Olympia, Wash., Feb. 19 – Rocky Brands, Inc. obtained an up to $75 million new senior secured asset-based revolving credit facility on Feb. 13 with Huntington National Bank as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The maturity date is Feb. 13, 2024.

The revolver includes a sublimit for the issuance of letters of credit up to $7.5 million.

The revolver may be increased up to an additional $25 million.

Interest is Libor plus a margin that ranges from 100 basis points to 175 bps, depending on quarterly liquidity. Initially, interest is Libor plus 100 bps.

The facility fee is 10 bps.

Proceeds may be used to repay existing debt, for working capital and for general corporate purposes, including capital expenditures, dividends in respect of the company’s stock and to make permitted acquisitions.

Also on Feb. 13, the company refinanced and terminated its credit agreement dated Dec. 19, 2014 with PNC Bank, NA as agent. The former credit agreement provided for a $75 million revolver and a $5 million term loan.

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

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