Crocs, Inc. and its affiliated entities have made significant changes to their credit agreement as of December 4th, 2024. The amendment includes an increase in the Revolving Credit Commitments to the tune of $250,000,000, bringing the aggregate Revolving Credit Commitments of all lenders to $1,000,000,000.
In addition to the increase in Revolving Credit Commitments, the amendment also modifies certain other terms and provisions of the Credit Agreement. The parties involved in the amendment include CROCS, INC., CROCS RETAIL, LLC, JIBBITZ, INC., COLORADO FOOTWEAR C.V., and CROCS EUROPE B.V., collectively referred to as the "Borrowers" or "Borrower," along with the Guarantors, Lenders, and the Administrative Agent.
The amendment is subject to various conditions precedent, including the execution of necessary documents, receipt of commitment fees, and the absence of any potential default or event of default. Each Borrower reaffirms all representations and warranties made to the Administrative Agent and Lenders under the Credit Agreement and confirms that they are true and correct. They also reaffirm all covenants contained in the Credit Agreement.
The Borrowers are required to pay or reimburse the Administrative Agent for its reasonable attorneys’ fees and expenses in connection with the preparation, negotiation, and execution of the amendment. The terms and conditions of the Credit Agreement, as amended, and all of the other Existing Financing Agreements are reaffirmed and will continue in full force and effect.
The amendment is governed by and construed in accordance with the laws of the State of New York, and it is deemed a "Loan Document" as defined in the Credit Agreement. It may be executed in multiple counterparts, and electronic signatures are deemed to be original signatures.
Today the company's shares have moved -3.0% to a price of $109.91. If you want to know more, read the company's complete 8-K report here.
