USA: Brown Shoe Completes New Credit Agreement
Brown Shoe Company, Inc (NYSE: BWS) today announced the completion of a new $165m revolving bank credit facility with several banks. The three-year facility provides $165m in committed working capital and letter of credit financing subject to certain borrowing tests. It can be extended for two additional years. It replaces an existing $155m revolving credit line that was to expire January 2001. The new revolving credit facility is provided by a syndicate of eight banks and was arranged by Banc One Capital Markets, Inc. Agent banks for the facility include Bank One, N.A., Bank of America, N.A. and LaSalle Bank National Association. Interest on borrowings under the new credit agreement is at varying rates and at the company's option based on one of the following: the LIBOR rate, the Bank One, N.A. corporate base rate, or the Federal funds rate.
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