Crocs, Inc. (CROX): debt financing — Crocs refinances $1.18B term loans, extends maturity to 2029 at lower margins

The Amendment (i) provides for a new $1.18 billion tranche of term loans maturing in 2029 (the “2023 Refinancing Term Loans”) and (ii) reduces the interest rate margins applicable to the approximately $1.18 billion outstanding under the term loan B facility such that each term loan borrowing which is (1) an alternate base rate borrowing will bear interest at a rate per annum equal to the Alternate Base Rate (as defined in the Term Loan B Credit Agreement), plus 2%, and (2) a term benchmark borrowing will bear interest at a rate per annum equal to (a) the Adjusted Term SOFR Rate (as defined in the Term Loan B Credit Agreement), plus (b) 3%.

On August 8, 2023, Crocs, Inc. (the “Company”), the subsidiary guarantors party thereto and Citibank, N.A., as administrative agent (the “Administrative Agent”), entered into a Refinancing Amendment (the “Amendment”) to the Term Loan Credit Agreement, dated February 17, 2022, among Crocs, Inc., the lenders from time to time party thereto and the Administrative Agent