Abercrombie & Fitch Co.
04/29/2021 | Press release | Distributed by Public on 04/29/2021 15:16
Amendment and Restatement of Asset-Based Revolving Credit Agreement
Amendment and Restatement of Asset-Based Revolving Credit Agreement
As of April 29, 2021, Abercrombie & Fitch Management Co. ('A&F Management'), a wholly-owned subsidiary of Abercrombie & Fitch Co. (the 'Company'), in A&F Management's capacity as the lead borrower, and the other borrowers and guarantors party thereto, amended and restated in its entirety the Credit Agreement, dated as of August 7, 2014, as amended on September 10, 2015 and as further amended on October 19, 2017 (as amended and restated, the 'Amended and Restated Credit Agreement'), among A&F Management, the other borrowers and guarantors party thereto, the lenders party thereto, Wells Fargo Bank, National Association, as administrative agent for the lenders, and the other parties thereto. The Amended and Restated Credit Agreement continues to provide for a senior secured revolving credit facility of up to $400 million (the 'ABL Facility'), and:
•extends the maturity date of the ABL Facility from October 19, 2022 to April 29, 2026; and
•modifies the required fee on undrawn commitments under the ABL Facility from 0.25% per annum to either 0.25% or 0.375% per annum (with the ultimate amount dependent on the conditions detailed in the Amended and Restated Credit Agreement).
Except for the changes described above, the terms and conditions of the Amended and Restated Credit Agreement remain substantially unchanged. The Company does not currently have any outstanding borrowings under the Amended and Restated Credit Agreement and is currently in compliance with the Amended and Restated Credit Agreement covenants.
The Company and its subsidiaries from time to time have had, and may continue to have, various commercial, lending or other relationships with the lenders that are parties to the Amended and Restated Credit Agreement and the lenders' respective affiliates.
Further details are contained in, and this description is qualified in its entirety by, the Amended and Restated Credit Agreement, which will be included as an exhibit to the Company's quarterly report on Form 10-Q for the fiscal quarter ending May 1, 2021.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The disclosure required by this item is included in Item 1.01 and is incorporated herein by reference.