Caleres Inc. has announced an amendment to its existing credit agreement, extending its senior secured asset-based revolving credit facility until June 2030. The company's borrowing capacity under this agreement has been increased by $200 million, reaching a total of $700 million. Additionally, the agreement includes an accordion feature, allowing Caleres to request a further increase in the facility size up to $950 million. This expansion is aimed at enhancing liquidity and flexibility, as well as strengthening the company's balance sheet. Bank of America, N.A. is acting as the administrative agent, collateral agent, and lead issuing bank, while Truist Bank, Wells Fargo Bank, and U.S. Bank served as joint lead arrangers and joint bookrunners. The credit facility also saw participation from Fifth Third Bank, Regions Bank, and TD Bank. Caleres plans to utilize the expanded facility for strategic acquisitions, such as the acquisition of Stuart Weitzman, and to invest in growth opportunities.
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