Dillard’s, Inc. Amends and Extends Revolving Credit Facility

Rhea-AI Summary

Dillard’s, Inc. (DDS: NYSE) announced the amendment and extension of its $800 million senior secured revolving credit facility to meet its liquidity needs. The new maturity date is set for April 28, 2026, with a $200 million expansion option still available. This credit facility will support general corporate purposes such as working capital financing, capital expenditures, and share repurchases, among others. The amendment includes no financial covenant requirements as long as availability exceeds $80 million. JPMorgan Chase Bank arranged the credit facility.

Positive

• Amendment and extension of $800 million credit facility enhances liquidity.
• The facility has a $200 million expansion option.
• No financial covenant requirements under the amended agreement.

Negative

• None.

Dillard’s, Inc. (DDS: NYSE) (“Dillard’s” or “the Company”) announced that it has amended and extended its $800 million senior secured revolving credit facility consistent with the Company’s liquidity needs. A $200 million expansion option remains in place. The new maturity date is April 28, 2026.

The credit facility is available to the Company for general corporate purposes including, among other uses, working capital financing, the issuance of letters of credit, capital expenditures and, subject to certain restrictions, the repayment of existing indebtedness and share repurchases. There are no financial covenant requirements under the amended credit agreement provided availability exceeds $80 million.

The credit facility was arranged by JPMorgan Chase Bank, N.A.

About Dillard’s

Dillard's was founded by William T. Dillard in 1938 in Nashville, Arkansas with an $8,000 investment in a hometown department store. Today, Dillard's, Inc. ranks among the nation's largest fashion retailers – operating 250 Dillard’s locations and 32 clearance centers spanning 29 states and an Internet store at dillards.com. The company focuses on delivering style, quality and value to its customers by offering premium fashion apparel, beauty and home collections from both national and exclusive brand sources. Dillard's complements this curated merchandise assortment with exceptional, client-focused customer care.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210428005971/en/

FAQ

What is the maturity date for Dillard's amended credit facility?

The new maturity date is April 28, 2026.

What is the total amount of Dillard's senior secured revolving credit facility?

The credit facility amounts to $800 million.

Who arranged Dillard's credit facility?

The credit facility was arranged by JPMorgan Chase Bank.

Are there any financial covenant requirements for Dillard's new credit agreement?

There are no financial covenant requirements as long as availability exceeds $80 million.

What purposes can the credit facility be used for?

The facility can be used for working capital financing, capital expenditures, and share repurchases, among other corporate purposes.