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Prospect News home > News index > List of issuers F > Headlines for Floor and Decor Outlets of America, Inc. > News item |
Floor & Decor unit ups revolver to $800 million, extends maturity
By William Gullotti
Buffalo, N.Y., Aug. 4 – Floor and Decor Outlets of America, Inc., a wholly owned subsidiary of Floor & Decor Holdings Inc., amended and restated its credit agreement with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
In addition to increasing the revolver commitments to $800 million, the amendment likewise bumped the attached accordion feature to $200 million.
The sublimit on swingline loans was increased to $40 million from $20 million, with the sublimit for letters of credit also increasing to $75 million from $50 million.
The maturity was pushed out to Aug. 4, 2027 from Feb. 14, 2025.
The amendment also changed the facility’s interest rate benchmark to SOFR from Libor, with borrowings bearing interest at SOFR plus 115 basis points. There is also a 75-bps fee for letters of credit.
In addition to serving as administrative agent, Wells Fargo is also a joint lead arranger and a joint bookrunner with Bank of America, NA and U.S. Bank NA.
Wells Fargo is also the collateral agent and swingline lender.
BofA and U.S. Bank are also the syndication agents.
Floor & Decor is an Atlanta-based specialty retailer in the hard surface flooring market.
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