Crocs, Inc. Announces Refinancing of Term Loan B Facility in Leverage-Neutral Transaction

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[{"type":"text","content":"BROOMFIELD, Colo., Aug. 8, 2023 /PRNewswire/ -- Crocs, Inc. (NASDAQ: CROX), a world leader in innovative casual footwear for women, men, and children, today announced the repricing of the $1.18 billion outstanding under its Term Loan B facility through a refinancing amendment. The refinancing amendment reduces the interest rate margins applicable to the $1.18 billion outstanding under the Term Loan B facility such that each term loan borrowing which is (1) an alternate base rate borrowing will bear interest at a rate per annum equal to the alternate base rate plus 2% (a decrease of 0.50%), and (2) a term benchmark borrowing will bear interest at a rate per annum equal to the adjusted term SOFR rate plus 3% (a decrease of 0.50%).\nAnne Mehlman, EVP and Chief Financial Officer remarked, \"I am very pleased with the outcome of this refinancing transaction. We successfully achieved a 0.50% 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. Since acquiring HEYDUDE in February 2022, we have repaid $850M in debt and intend to methodically balance debt repayment and share repurchases as we approach our long-term net leverage target.\"\nAbout Crocs, Inc.:\nCrocs, Inc. (Nasdaq: CROX) is a world leader in innovative casual footwear for women, men, and children, combining comfort and style with a value that consumers know and love. The Company's brands include Crocs and HEYDUDE and its products are sold in more than 85 countries through wholesale and direct-to-consumer channels. For more information on Crocs, Inc. please visit investors.crocs.com. To learn more about our brands, please visit www.crocs.com or www.heydude.com.\nForward Looking Statements\nThis press release includes estimates, projections, and statements relating to our business plans, commitments, objectives, and expected operating results that are \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.\nThese statements include, but are not limited to, statements regarding potential impacts to our business related to our su...

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