Fox Factory enters into $250 million revolver at Libor plus 100 bps

By Sarah Lizee

Olympia, Wash., June 4 – Fox Factory Holding Corp. obtained a $250 million credit facility on Monday led by Bank of America, NA as agent, according to an 8-K filing with the Securities and Exchange Commission.

BofA Securities Inc. is the lead arranger and bookrunner.

The facility provides for revolving loans, swingline loans and letters of credit up to a maximum amount of $250 million.

Interest is Libor plus 100 basis points to 150 bps. The commitment fee is 20 bps to 35 bps. Both are based on the company’s consolidated net leverage ratio. As of the closing date, interest is Libor plus 100 bps and the commitment fee is 20 bps.

The revolver matures on June 3, 2024.

About $89.6 million of the revolving commitment was advanced on the closing date, and the proceeds were used in part to refinance debt under the company’s second amended and restated revolving credit and term loan agreement dated May 11, 2016 with SunTrust Bank as administrative agent.

Future advances will be used to finance working capital, capital expenditures and other general corporate purposes.

Fox Factory is a Scotts Valley, Calif.-based manufacturer of high-performance ride dynamics products primarily for bicycles, side-by-side vehicles, on-road and off-road vehicles and trucks, all-terrain vehicles, snowmobiles, specialty vehicles and applications, and motorcycles.

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