Steven Madden adds CIT as receivables collection agent, enters factoring agreement

STEVEN MADDEN, LTD.

$150M revolving credit facility unchanged, matures March 20, 2027; no loans outstanding.
CIT added as non-exclusive collection agent; assumes credit risk on approved receivables.
Factoring fee: 0.15% of gross face amount for standard terms; additional fees for non-standard or foreign receivables.
Factoring agreement terminable by either party with 60 days' notice after one year; CIT can terminate immediately on certain events.
Madden Entities pledged receivables under factoring agreement to secure credit agreement obligations.

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

STEVEN MADDEN, LTD. entered into Credit Approved Receivables Purchasing Agreement with The CIT Group/Commercial Services, Inc. (effective 2023-04-03).

Action: entry
Counterparty: The CIT Group/Commercial Services, Inc.
Effective: 2023-04-03

Exact text from the filing

On April 3, 2023, the Company also entered into a Credit Approved Receivables Purchasing Agreement (the “Factoring Agreement”) among the Company, certain subsidiaries of the Company (collectively with the Company, the “Madden Entities”), and CIT.

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

STEVEN MADDEN, LTD. amended Second Amendment to Credit Agreement with Citizens Bank, N.A., as administrative agent valued at $150 million (effective 2023-04-03).

Action: amendment
Agreement: credit facility
Counterparty: Citizens Bank, N.A., as administrative agent
Value: $150 million
Effective: 2023-04-03

Exact text from the filing

On April 3, 2023, Steven Madden, Ltd. (the “Company”) and certain subsidiaries of the Company acting as guarantors (the “Guarantors”) entered into a Second Amendment to Credit Agreement (the “Amendment”) that amended the Company’s Credit Agreement

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STEVEN MADDEN, LTD. filing history →

Source: SEC EDGAR

accession 0001493152-23-011254

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