Oxford Industries extends credit agreement, adjusts pricing grid

By Sarah Lizee

Olympia, Wash., Aug. 1 – Oxford Industries, Inc. and subsidiary Tommy Bahama Group, Inc. entered into an amendment on Wednesday to their $325 million credit agreement with SunTrust Bank as administrative agent, extending the maturity date to July 31, 2024 from May 24, 2021, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also added a third pricing tier to Libor advances, with a three-tier pricing grid depending on average excess availability and providing for interest rate margins of 100 basis points, 125 bps or 150 bps above Libor.

The prior two-tier pricing grid had interest rate margins of 125 bps or 150 bps over Libor.

The unused line fee was reduced to 20 bps from 25 bps.

The amendment also modified some borrowing base provisions in the agreement, which will generally increase availability of revolving loans.

Other provisions and restrictions were also amended to generally be more favorable to and/or less restrictive on the company, the filing noted.

Oxford Industries is an Atlanta-based clothing retailer. Its labels include Tommy Bahama, Lilly Pulitzer, Southern Tide, Oxford Golf and Lanier Clothes.

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