Columbia Sportswear Company Enters into Credit Agreement with JPMorgan Chase Bank, National Association
January 04, 2021 at 10:24 pm
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On December 30, 2020, Columbia Sportswear Company entered into a Credit Agreement with JPMorgan Chase Bank, National Association, as the administrative agent for the lenders and as a lender, and the other lenders party thereto. The Credit Agreement provides for up to $500 million of borrowings in U.S. Dollars pursuant to an unsecured revolving credit facility, which is available for working capital and general corporate purposes, including the issuance of letters of credit. The Credit Facility matures on December 30, 2025. Borrowings under the Credit Facility will bear interest, at the Company’s option, at either LIBOR plus an applicable margin or a base rate defined as the highest of the Administrative Agent’s 'prime rate', the higher of the federal funds rate or the overnight bank funding rate set by the Federal Reserve Bank of New York, plus 0.05%, or the one month LIBOR plus 1.00%, in each case plus an applicable margin. The applicable margin for LIBOR loans will range from 1.125% to 1.875% based on the Company’s funded debt ratio. The applicable margin for base rate loans will range from 0.125% to 0.875% based on the Company’s funded debt ratio.
Columbia Sportswear Company is a multi-brand in outdoor, active and lifestyle products, including apparel, footwear, accessories, and equipment. The Company manages its product line in two categories: apparel, accessories, and equipment products and footwear products. It provides products through four brands: Columbia, SOREL, Mountain Hardwear, and prAna. Columbia brand offers outdoor apparel, footwear, accessories and equipment products suited for hiking, trail running, snow, and fishing and hunting activities, as well as everyday outdoor activities. SOREL brand offers footwear. Mountain Hardwear brand designs essential, premium apparel, accessories and equipment products for climbers, mountaineers, skiers, snowboarders, and trail athletes. prAna brand offers apparel, accessories and equipment products. The Company sells its products in approximately 100 countries and operates in four segments: United States, Latin America and Asia Pacific, Europe, Middle East and Africa, and Canada.