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J.P. Morgan Securities, Others Arrange Dillard’s $1B Unsecured Revolving Credit Facility

May 15, 2015, 07:31 AM
Filed Under: Retail

Dillard’s, Inc. announced that it has issued a new $1 billion senior unsecured revolving credit facility, taking advantage of favorable market conditions and enhancing the company’s liquidity. This credit facility replaces a secured credit facility, which is further evidence of Dillard’s continued improvement in financial strength. It will mature on May 13, 2020.

The credit facility is available to the company for general corporate purposes including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases. In accordance with the financial covenants in the credit agreement, Dillard’s will not permit the total leverage ratio to exceed 4.00 to 1.00 or the coverage ratio to be less than 2.50 to 1.00.

The credit facility was arranged by J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Regions Capital Markets and Citizens Bank, N.A.

Dillard’s, Inc. ranks among the nation’s largest fashion retailers, with annual sales exceeding $6.6 billion.

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