DECKERS OUTDOOR CORP (DECK): debt financing — Deckers enters $400M unsecured revolving credit facility maturing December 2027

DECKERS OUTDOOR CORP

New $400M unsecured revolver replaces prior $350M credit agreement dated September 2018.
Includes $25M letter-of-credit sublimit and $175M foreign-currency sublimit (Euros, Sterling, CAD).
Maturity set for December 19, 2027; interest margins range from 0.00%-0.625% (ABR) or 1.00%-1.625% (SOFR/EURIBOR/CDOR) based on net leverage.
Commitment fee of 0.125%-0.20% per annum on unused portion; option to increase facility by up to $300M (plus additional subject to leverage test).
Guaranteed by certain wholly owned domestic subsidiaries; all obligations unsecured.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

DECKERS OUTDOOR CORP incurred credit facility of $400 million with Citibank, N.A. (administrative agent) and lenders at ranges from 1.00% per annum to 1.625% per annum in the case of loans based on Ad maturing December 19, 2027.

Instrument: credit facility
Principal: $400 million
Counterparty: Citibank, N.A. (administrative agent) and lenders
Rate: ranges from 1.00% per annum to 1.625% per annum in the case of loans based on Ad
Maturity: December 19, 2027
Event: incurrence

Exact text from the filing

The Credit Agreement provides for an unsecured revolving credit facility with commitments of $400 million and a sublimit for the issuance of letters of credit of $25 million.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DECKERS OUTDOOR CORP entered into Credit Agreement with Citibank, N.A., Comerica Bank, and the lenders party thereto valued at $400 million (effective 2022-12-19).

Action: entry
Agreement: credit facility
Counterparty: Citibank, N.A., Comerica Bank, and the lenders party thereto
Value: $400 million
Effective: 2022-12-19

Exact text from the filing

On December 19, 2022 (the “Effective Date”), Deckers Outdoor Corporation (the “Company”), Deckers Europe Limited, Deckers UK Ltd., Deckers Benelux B.V., Deckers Outdoor Canada ULC, Deckers Outdoor International Limited (collectively, the "Prior Borrowers"), Deckers Coromar, LLC and DBrands SGP Pte. Ltd. entered into a credit agreement (the “Credit Agreement”) with Citibank, N.A. (“Citibank”) as administrative agent, Comerica Bank ("Comerica"), as sole syndication agent, and the lenders party thereto

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

DECKERS OUTDOOR CORP terminated Prior Credit Agreement with JP Morgan Chase Bank, N.A., as administrative agent, and the lenders party to the Prior Credit Agreement (effective 2022-12-19).

Action: termination
Agreement: credit facility
Counterparty: JP Morgan Chase Bank, N.A., as administrative agent, and the lenders party to the Prior Credit Agreement
Effective: 2022-12-19

Exact text from the filing

The Credit Agreement refinances in full the credit facility established by the Company’s Credit Agreement dated as of September 20, 2018, as amended (the “Prior Credit Agreement”), by and among the Prior Borrowers, JP Morgan Chase Bank, N.A.

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Source: SEC EDGAR

accession 0000910521-22-000041

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