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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
PNC Bank Agents $400MM Revolving Credit Facility for Designer Brands
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Lenders/Participants
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PNC Bank [Administrative Agent]
PNC Capital Markets [Joint Lead Arranger, Joint Bookrunner]
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Structure
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Revolving Credit Facility
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Amount
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$400.000
Million
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Borrower(s)
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Designer Brands Inc.
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Description
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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.
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Industry
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Apparel
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| Related Tags |
PNC Bank, PNC Capital Markets
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ABL Advisor
Deal Tables
2024
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