Dillard's Increases Credit Facility to $800 Million

By Bobby Samwell • Wednesday, March 19 15:17 • Permanent Link

Dillard's, Inc. (DDS-NYSE) has announced the amendment and extension of its senior secured revolving credit facility, increasing it to $800 million with a $200 million expansion option. The new maturity date for the credit facility is March 12, 2030. The facility can be used for general corporate purposes including working capital financing, issuing letters of credit, capital expenditures, and, under certain restrictions, the repayment of existing indebtedness and share repurchases. Notably, there are no financial covenant requirements under the amended credit agreement as long as availability exceeds $80 million and no specified event of default has occurred or is continuing. The credit facility was arranged by JPMorgan Chase Bank, N.A. Following these announcements, the company's shares moved 2.7%, and are now trading at a price of $372.57. For the full picture, make sure to review Dillard's's 8-K report.

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