Children's Place expands revolving credit facility from $350M to $445M

Childrens Place, Inc.

Added $95M commitment from PNC Bank as new lender, increasing total facility to $445M.
Replaced LIBOR with SOFR; revolver rate SOFR+2.00%/2.25% (can drop to SOFR+1.375%/1.625% if EBITDA >= $200M).
Term loan under amended agreement bears interest at SOFR+2.75% per annum.
CFO states additional credit strengthens financial position and supports working capital and growth investments.

Key facts

Extracted from this filing and checked against the source text.

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

Childrens Place, Inc. amended Fifth Amendment with the lenders party thereto valued at increased the aggregate commitments under the Credit Agreement from $350 million to $445 million (effective 2023-06-05).

Action: amendment
Agreement: credit facility
Counterparty: the lenders party thereto
Value: increased the aggregate commitments under the Credit Agreement from $350 million to $445 million
Effective: 2023-06-05

Exact text from the filing

On June 5, 2023, the Company announced that the Company and certain of its subsidiaries entered into a joinder and fifth amendment to its Credit Agreement with the lenders party thereto (the “ Fifth Amendment ”), which, among other things, (i) added PNC Bank, National Association as a new lender, (ii) increased the aggregate commitments under the Credit Agreement from $350 million to $445 million, (iii) replaced the London Interbank Offered Rate (“ LIBOR ”) as the interest rate benchmark with the Secured Overnight Financing Rate (“ SOFR ”) interest rate benchmark, and (iv) updated the pricing grid for applicable margins on borrowings.

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Childrens Place, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-068099

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