Crocs, Inc. Obtains New $70 million 5-Year Revolving Credit Agreement
December 19 2011 - 4:01PM
Business Wire
Crocs, Inc. (NASDAQ: CROX) announced today that the Company
entered into an amended and restated credit agreement, effectively
replacing the existing $30M asset backed line of credit set to
expire September 2014 with a five-year $70M secured revolving line
of credit.
The loan is provided by PNC Bank, N.A., a member of The PNC
Financial Services Group, Inc. (NYSE:PNC). JPMorgan and Wells Fargo
Bank, N.A. are also participants in the credit agreement.
“The new credit agreement provides us with the additional
financial flexibility to invest in our strategic initiatives,”
stated Jeff Lasher, Chief Financial Officer of Crocs, Inc. “This
improves upon our already solid capital structure to support the
Company's plans for future growth.”
Borrowings under the revolving credit facility will bear
interest at variable rates. Under the agreement, the Company must
adhere to certain financial covenants, which are more thoroughly
described in the Company’s Form 8-K, which was filed today with the
Securities and Exchange Commission. The facility matures in
December 2016.
“We have enjoyed the relationship we have built with Crocs and
look forward to continuing to provide them with the financial
backing that helps them achieve their goals,” stated Steve Roberts,
Vice President of PNC Bank, N.A.
PNC is a registered service mark of The PNC Financial Services
Group, Inc.
About Crocs, Inc.
A world leader in innovative casual footwear for men, women and
children, Crocs, Inc. (NASDAQ: CROX), offers several distinct shoe
collections with more than 250 styles to suit every lifestyle. As
lighthearted as they are lightweight, Crocs™ footwear provides
profound comfort and support for any occasion and every season. All
Crocs™ branded shoes feature Croslite™ material, a proprietary,
revolutionary technology that produces soft, non-marking, and
odor-resistant shoes that conform to your feet.
Crocs™ products are sold in 90 countries. Every day, millions of
Crocs™ shoe lovers around the world enjoy the exceptional form,
function, versatility and feel-good qualities of these shoes while
at work, school and play.
Visit www.crocs.com for additional information.
Forward-looking statements
The matters regarding the future discussed in this news release
include “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
include, but are not limited to, statements regarding future
revenue and earnings, backlog, future orders, prospects and product
pipeline. These statements involve known and unknown risks,
uncertainties and other factors which may cause our actual results,
performance or achievements to be materially different from any
future results, performances, or achievements expressed or implied
by the forward-looking statements. These risks and uncertainties
include, but are not limited to, the following: macroeconomic
issues, including, but not limited to, the current global financial
conditions; the effect of competition in our industry; our ability
to effectively manage our future growth or declines in revenue;
changing fashion trends; our ability to maintain and expand
revenues and gross margin; our ability to accurately forecast
consumer demand for our products; our ability to develop and sell
new products; our ability to obtain and protect intellectual
property rights; the effect of potential adverse currency exchange
rate fluctuations and other international operating risks; our
ability to open and operate additional retail locations; and other
factors described in our most recent annual report on Form 10-K
under the heading “Risk Factors” and our subsequent filings with
the Securities and Exchange Commission. Readers are encouraged to
review that section and all other disclosures appearing in our
filings with the Securities and Exchange Commission. We do not
undertake any obligation to update publicly any forward-looking
statements, including, without limitation, any estimate regarding
revenues or earnings, whether as a result of the receipt of new
information, future events, or otherwise.
Crocs (NASDAQ:CROX)
Historical Stock Chart
From May 2024 to Jun 2024
Crocs (NASDAQ:CROX)
Historical Stock Chart
From Jun 2023 to Jun 2024