Crocs repriced $1.18 billion in debt under its Term Loan B facility through a refinancing amendment. The move has lowered the facility’s borrowing rate by 0.50 percent.
“I am very pleased with the outcome of this refinancing transaction. We successfully achieved a 0.50 percent reduction in our Term Loan B borrowing rate, with no change to our leverage, covenants or maturity date. The overwhelming market reception to this transaction is a testament to our strong credit profile and free cash flow generation,” according to Anne Mehlman, executive vice president and chief financial officer.
Since acquiring Heydude in February 2022, Crocs has repaid $850 million in debt and intends “to methodically balance debt repayment and share repurchases as we approach our long-term net leverage target,” she added.
