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Published on 3/3/2023 in the Prospect News Bank Loan Daily.

Hibbett increases revolver to $160 million, extends to 2028

By Mary-Katherine Stinson

Lexington, Ky., March 3 – Hibbett, Inc. on Feb. 28 amended and restated its 2021 revolving credit agreement for an increase in the total commitments to $160 million from $125 million, according to an 8-K filing with the Securities and Exchange Commission.

This includes a $25 million sublimit for the issuance of standby letters of credit and $25 million sublimit for swingline loans.

The agreement allows the company to increase the total commitments by up to an additional $50 million subject to certain terms and conditions.

The maturity date has been extended to Feb. 28, 2028 from July 9, 2026.

Borrowings bear interest at BSBY plus a margin ranging from 100 basis points to 200 bps depending on specific leverage levels.

The annual commitment fee was adjusted to between 12.5 bps and 25 bps of the unused portion of the credit agreements. It was previously between 15 bps and 20 bps under the 2021 agreement.

Regions Bank is the administrative agent, swingline lender and issuing bank.

Regions Capital Markets, a division of Regions Bank, was the sole lead arranger and bookrunner.

Hibbett Sports is a Birmingham, Ala.-based athletic-inspired fashion retailer.


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