Caleres Says New Credit Agreement Increases Borrowing Capacity To $700 Mln

(RTTNews) - Caleres Inc. (CAL), a footwear company, Monday announced an amendment to its credit agreement, which increases its borrowing capacity by $200 million to $700 million.

The senior secured asset-based revolving credit facility also provides for an extended period to June 2030. Additionally, the company can request an increase in the size of the facility to $950 million.

Bank of America, N.A. is the administrative agent, collateral agent and lead issuing bank.

"The expanded facility provides Caleres with enhanced liquidity and flexibility, and further strengthens the balance sheet," said Jack Calandra, senior vice president and CFO of Caleres. "In the near term, after continuing to pay our dividend, Caleres' capital allocation priorities are to complete the acquisition of Stuart Weitzman and invest in our growth vectors. Longer term, we will balance our investment priorities with debt reduction and returning capital to shareholders."