FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / Articles / Read Article

Print

WFCF Inks Upsize for Sportsman’s Warehouse

Date: May 24, 2018 @ 07:18 AM
Filed Under: Retail

Sportsman's Warehouse Holdings, Inc. announced that, on May 23, 2018, it amended its existing credit agreement to increase the borrowing capacity under its existing revolving credit facility by $100 million to $250 million, subject to a borrowing base calculation, and to provide for a new $40 million term loan.  The Company used the proceeds from the new term loan and borrowings under the revolving credit facility to repay its prior term loan in full that was scheduled to mature on December 3, 2020.  The maturity date of the revolving credit facility was extended to May 23, 2023, and the term loan will also mature on May 23, 2023. As a result of the Company’s repayment of its prior term loan, the Company will no longer be subject to financial ratio covenants in its debt agreements, and the refinancing is expected to reduce interest expense by approximately $4.5 million on an annualized basis.

Jon Barker, Chief Executive Officer, said, “We are pleased to announce the amendment and restatement of our credit agreement, which provides us with additional capacity under our revolving credit facility and reduces our annual interest expense with the refinancing of our prior term loan. We thank our lenders for their ongoing support and confidence.”

The arrangement of the revolving credit facility was led by Wells Fargo Capital Finance.  “As a longstanding customer of Wells Fargo, we have seen Sportsman’s Warehouse go through strong growth and expansion across the country,” said Pete Foley, Managing Director, Wells Fargo Capital Finance. “Being able to complete such an important financing for Sportsman’s Warehouse is a great accomplishment for our team.  Completion of this transaction will allow them financial flexibility to make strategic business decisions into the future.”

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.