Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for women, men, and children, today announced the repricing of the $1.18 billion outstanding under its Term Loan B facility through a refinancing amendment.
The refinancing amendment reduces the interest rate margins applicable to the $1.18 billion outstanding under the Term Loan B facility such that each term loan borrowing which is (1) an alternate base rate borrowing will bear interest at a rate per annum equal to the alternate base rate plus 2% (a decrease of 0.50%), and (2) a term benchmark borrowing will bear interest at a rate per annum equal to the adjusted term SOFR rate plus 3% (a decrease of 0.50%).
“I am very pleased with the outcome of this refinancing transaction,” said Anne Mehlman, EVP and chief financial officer. “We successfully achieved a 0.50% reduction in our Term Loan B borrowing rate, with no change to our leverage, covenants or maturity date.
“The overwhelming market reception to this transaction is a testament to our strong credit profile and free cash flow generation. Since acquiring HeyDude in February 2022, we have repaid $850 million in debt and intend to methodically balance debt repayment and share repurchases as we approach our long-term net leverage target.”
About Crocs, Inc.:
Crocs, Inc. (Nasdaq: CROX) is a world leader in innovative casual footwear for women, men, and children, combining comfort and style with a value that consumers know and love. The Company’s brands include Crocs and HeyDude and its products are sold in more than 85 countries through wholesale and direct-to-consumer channels. For more information on Crocs, Inc. please visit investors.crocs.com. To learn more about our brands, please visit www.crocs.com or www.heydude.com.
