Crocs closes HEYDUDE acquisition for $2.05B cash plus 2.85M shares

Crocs, Inc.

Total consideration: $2.05 billion cash plus 2,852,280 Crocs shares subject to 12-month lock-up with 50% release at 6 months.
Acquisition financed via new $2.0B Term Loan B facility (due 2029) and expanded $600M revolver (from $500M) with PNC.
$125M cash placed in escrow for 18 months to secure seller indemnification obligations.
Hey Dude LLC, Happy One, and Lucky Top became Crocs subsidiaries and additional guarantors on existing notes.

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