NIWOT, Colo.--(BUSINESS WIRE)--Dec. 10, 2012--
Crocs,
Inc. (NASDAQ: CROX) announced today that the Company entered into an
amendment to its amended and restated credit agreement, expanding the
existing $70M line of credit set to expire in December 2016 with a five
year $100M revolving line of credit, which includes a 50 basis point
reduction in interest rates over the existing line of credit.
The loan is provided by PNC Bank, N.A., a member of The PNC Financial
Services Group, Inc. (NYSE:PNC). JPMorgan Chase Bank and Wells Fargo
Bank, N.A. are also participants in the credit agreement.
“The amendment to our credit agreement allows us to take advantage of
historically low interest rates and provides us with additional
financial capability to execute our strategic and capital allocation
plans,” stated Jeff Lasher, Chief Financial Officer of Crocs, Inc. “This
improved credit agreement broadens our financial flexibility, increases
our ability to repurchase shares and further bolsters our solid capital
position.”
Borrowings under the revolving credit facility will bear interest at
variable rates. Other changes to the credit agreement made by the
amendment will be further described in the Company’s Form 8-K, to be
filed with the Securities and Exchange Commission.
About Crocs, Inc.
Celebrating its 10th anniversary in 2012, Crocs, Inc. is a world
leader in innovative casual footwear for men, women and children. Crocs
offers several distinct shoe collections with more than 300 four-season
footwear styles. All Crocs™ shoes feature Croslite™ material, a
proprietary, revolutionary technology that gives each pair of shoes the
soft, comfortable, lightweight, non-marking and odor-resistant qualities
that Crocs fans know and love. Crocs fans “Get Crocs Inside” every pair
of shoes, from the iconic clog to new sneakers, sandals, boots and
heels. Since its inception in 2002, Crocs has sold more than 200 million
pairs of shoes in more than 90 countries around the world. The brand
celebrated reaching $1 billion in annual sales in 2011.
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.
Investors:
William I. Kent,
303-848-7000
wkent@crocs.com
or
Media:
Katy
Lachky, 303-848-7000
klachky@crocs.com