Sep. 30, 2009 (Business Wire) -- Crocs, Inc. (NASDAQ: CROX) announced today that the Company entered into a new asset-backed revolving credit facility with PNC on September 25, 2009. The agreement provides for up to $30 million in revolving loans which may be used for working capital needs and other items, as stipulated in the agreement. Certain of the Company’s subsidiaries were co-borrowers under the agreement.
“This new asset-backed credit facility provides us with additional liquidity and flexibility as we continue to invest in our strategic initiatives and facilitate the Company’s turnaround,” stated Russ Hammer, Chief Financial Officer of Crocs, Inc. “We are pleased with our ability to secure this new agreement, particularly in this economic climate, and believe it underscores the confidence we and our lender have in our future as a strong global brand.”
“Crocs is a premium consumer brand with strong appeal to a wide array of consumers across the U.S.,” said Steve Roberts, vice president, PNC Business Credit. “We are looking forward to playing an important role in the Company’s future and to working with its management team.”
Borrowings under the asset-based revolving credit facility bear interest at variable rates of interest, as outlined in the agreement, and are secured by all of the assets of the Company. 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 September 2012.
PNC is a registered service mark of The PNC Financial Services Group, Inc. Loans are provided by PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE:PNC)
About Crocs, Inc.
Crocs, Inc. is a designer, manufacturer and retailer of footwear for men, women and children under the Crocs™ brand.
All Crocs™ brand shoes feature Crocs’ proprietary closed-cell resin, Croslite™, which represents a substantial innovation in footwear. The Croslite™ material enables Crocs to produce soft, comfortable, lightweight, superior-gripping, non-marking and odor-resistant shoes. These unique elements make Crocs™ footwear ideal for casual wear, as well as for professional and recreational uses such as boating, hiking, hospitality and gardening. The versatile use of the material has enabled Crocs to successfully market its products to a broad range of consumers.
Crocs™ shoes are sold in 125 countries and come in a wide array of colors and styles.
