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PNC Bank Agents $400MM Revolving Credit Facility for Designer Brands
Friday, August 7, 2020

Lenders/Participants PNC Bank [Administrative Agent]
PNC Capital Markets [Joint Lead Arranger, Joint Bookrunner]
Structure Revolving Credit Facility
Amount $400.000 Million
Borrower(s) Designer Brands Inc.
Description Facility replaces its $400 million revolving credit facility with an equally-sized, asset-based revolving credit facility and completing a $250 million privately placed senior secured term loan. On August 7, 2020, Designer Brands retired its existing $400 million revolving credit facility (“Cash Flow Revolver”) and simultaneously entered into a new $400 million, five-year asset-based revolving credit facility (“ABL Revolver”). The new ABL Revolver matures in August 2025. The Company opened the new ABL Revolver with a draw at closing of $150 million. The ABL Revolver contains a covenant regarding minimum availability and provides additional flexibility to maneuver through an evolving consumer landscape as compared to the retired Cash Flow Revolver. The ABL Revolver also allows the Company to enter into other select financing arrangements, including the new senior secured term loan.
Industry Apparel
Related Tags PNC Bank, PNC Capital Markets

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