Duluth Holdings cuts revolving credit facility from $200M to $100M, amends covenants

DULUTH HOLDINGS INC.

Revolving commitment reduced from $200M to $100M; new pricing tier added for Rent Adjusted Leverage >3.50x.
Restricted payments limited to subsidiary dividends and tax-withholding equity repurchases only.
Max Rent Adjusted Leverage Ratio 3.50x and Min Fixed Charge Coverage 1.20x, measured quarterly excluding Q4 FY2025.
Company says rightsizing aligns with cash needs for inventory builds and capex, generating fee savings.
Lenders include Bank of America, KeyBank, U.S. Bank, and BMO Harris with revised commitments.

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