Foot Locker has amended and restated its credit agreement so that it provides for a five-year asset-based revolving credit facility with an initial availability of $200 million. During the term of the agreement, Foot Locker can ask for addition credit commitments up to four times, not to exceed $200 million total.  Interest rates are based on a base rate of a LIBOR rate on an annual basis. No borrowings are outstanding under the new deal, though letters of credit totaling $930,000 that were outstanding under the old credit agreement will carry over. The banks involved in the agreement to varying degrees including Bank of America N.A., J.P. Morgan Chase Bank N.A., Wells Fargo Capital Finance, U.S. Bank National Association, Merrill Lynch, Pierce Fenner & Smith, and J.P. Morgan Securities. The restated credit agreement includes customary representations, warranties, affirmative and negative covenants, and events of default.

Topics