Russell gets $375 million amended and restated revolver

By Sara Rosenberg

New York, July 7 - Russell Corp. closed on a $375 million amended and restated revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission Friday.

Bank of America is the administrative agent on the deal.

The revolver matures on Dec. 28, 2007, but can be extended to June 30, 2011 under certain conditions.

Borrowings carry an initial interest rate of Libor plus 125 basis points, but the rate can range from Libor plus 100 to 175 bps based on a consolidated adjusted fixed-charge coverage ratio.

The unused fee is initially set at 25 bps and can go up to 30 bps based on a consolidated adjusted fixed charge coverage ratio.

There is a $100 million accordion feature.

The revolver replaces the company's previous $325 million revolver at a lower rate with a more relaxed covenant package.

The amendment and restatement was completed on June 30.

Russell is an Atlanta-based athletic and sporting goods company.

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