Oxford Industries extends credit facility maturity to 2028, improves pricing and borrowing base

OXFORD INDUSTRIES INC

Extended $325M revolving credit facility maturity from July 2024 to March 2028.
Interest rate margin changed to Term SOFR + 125-175 bps (previously LIBOR + 100-150 bps).
Borrowing base provisions amended to generally increase availability of revolving loans.
As of March 6, 2023: borrowings $143M, letters of credit $7M, excess availability $175M.
Other modifications generally more favorable/less restrictive on the company.

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

OXFORD INDUSTRIES INC amended Second Amendment to Fourth Amended and Restated Credit Agreement with Truist Bank valued at $325 million (effective 2023-03-06).

Action: amendment
Agreement: credit facility
Counterparty: Truist Bank
Value: $325 million
Effective: 2023-03-06

Exact text from the filing

On March 6, 2023, Oxford Industries, Inc. (the “Company”) entered into a second amendment (the “Second Amendment”) to its $325 million Fourth Amended and Restated Credit Agreement, dated May 24, 2016 (the “Credit Agreement”), by and among the Company and its subsidiary, Tommy Bahama Group, Inc., as the borrowers, certain domestic subsidiaries of the Company as guarantors, the financial institutions party thereto as lenders, and Truist Bank, successor by merger to SunTrust Bank, as administrative agent.

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OXFORD INDUSTRIES INC filing history →

Source: SEC EDGAR

accession 0001171843-23-001472

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