NIWOT, Colo.--(BUSINESS WIRE)--Dec. 19, 2011--
Crocs,
Inc. (NASDAQ: CROX) announced today that the Company entered into an
amended and restated credit agreement, effectively replacing the
existing $30M asset backed line of credit set to expire September 2014
with a five-year $70M secured revolving line of credit.
The loan is provided by PNC Bank, N.A., a member of The PNC Financial
Services Group, Inc. (NYSE:PNC). JPMorgan and Wells Fargo Bank, N.A. are
also participants in the credit agreement.
“The new credit agreement provides us with the additional financial
flexibility to invest in our strategic initiatives,” stated Jeff Lasher,
Chief Financial Officer of Crocs, Inc. “This improves upon our already
solid capital structure to support the Company's plans for future
growth.”
Borrowings under the revolving credit facility will bear interest at
variable rates. Under the agreement, the Company must adhere to certain
financial covenants, which are more thoroughly described in the
Company’s Form 8-K, which was filed today with the Securities and
Exchange Commission. The facility matures in December 2016.
“We have enjoyed the relationship we have built with Crocs and look
forward to continuing to provide them with the financial backing that
helps them achieve their goals,” stated Steve Roberts, Vice President of
PNC Bank, N.A.
PNC is a registered service mark of The PNC Financial Services Group,
Inc.
About Crocs, Inc.
A world leader in innovative casual footwear for men, women and
children, Crocs, Inc. (NASDAQ: CROX), offers several distinct shoe
collections with more than 250 styles to suit every lifestyle. As
lighthearted as they are lightweight, Crocs™ footwear provides profound
comfort and support for any occasion and every season. All Crocs™
branded shoes feature Croslite™ material, a proprietary, revolutionary
technology that produces soft, non-marking, and odor-resistant shoes
that conform to your feet.
Crocs™ products are sold in 90 countries. Every day, millions of
Crocs™ shoe lovers around the world enjoy the exceptional form,
function, versatility and feel-good qualities of these shoes while at
work, school and play.
Visit www.crocs.com
for additional information.
Forward-looking statements
The matters regarding the future discussed in this news release
include “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements include, but
are not limited to, statements regarding future revenue and earnings,
backlog, future orders, prospects and product pipeline. These statements
involve known and unknown risks, uncertainties and other factors which
may cause our actual results, performance or achievements to be
materially different from any future results, performances, or
achievements expressed or implied by the forward-looking statements.
These risks and uncertainties include, but are not limited to, the
following: macroeconomic issues, including, but not limited to, the
current global financial conditions; the effect of competition in our
industry; our ability to effectively manage our future growth or
declines in revenue; changing fashion trends; our ability to maintain
and expand revenues and gross margin; our ability to accurately
forecast consumer demand for our products; our ability to develop and
sell new products; our ability to obtain and protect intellectual
property rights; the effect of potential adverse currency
exchange rate fluctuations and other international operating risks; our
ability to open and operate additional retail locations; and other
factors described in our most recent annual report on Form 10-K under
the heading “Risk Factors” and our subsequent filings with the
Securities and Exchange Commission. Readers are encouraged to review
that section and all other disclosures appearing in our filings with the
Securities and Exchange Commission. We do not undertake any obligation
to update publicly any forward-looking statements, including, without
limitation, any estimate regarding revenues or earnings, whether as a
result of the receipt of new information, future events, or otherwise.
Source: Crocs, Inc.
Crocs, Inc.
Media Contact:
Shelley Weibel, 303-848-7197
sweibel@crocs.com
or
Investor
Contact:
Kevin Kim, 303-848-7000
kkim@crocs.com