Skechers Extends $ 1 Billion Senior Unsecured Credit Facility
LOS ANGELES, December 16, 2021– (BUSINESS WIRE) – Skechers USA, Inc. (NYSE: SKX), The Comfort Technology Company ™, today announced that it has extended its senior unsecured credit facility to $ 750 million, which retains an accordion function of $ 250 million which provides for total liquidity up to $ 1 billion. This is an amendment to the $ 500 million senior unsecured credit facility that Skechers entered into in 2019, which was due to expire in November 2024. The amendment extends the maturity date of the facility. credit to December 2026.
“Following our record third quarter results reflecting exceptional demand for our comfort technology products, we sought to further strengthen our available liquidity and take advantage of favorable credit market conditions,” said John Vandemore, Chief Financial Officer from Skechers. “This transaction will serve to further support Skechers’ global growth strategy.”
The syndicate of lenders includes Bank of America NA, a subsidiary of Bank of America NA (NYSE: BAC), as principal arranger, and BofA Securities, Inc., a subsidiary of Bank of America Corporation, HSBC Bank USA, NA , a subsidiary of HSBC Holdings plc (NYSE: HSBC) and JPMorgan Chase Bank, NA, a subsidiary of JPMorgan Chase & Co. (NYSE: JPM) as co-lead arrangers of the facility. Other union participants include the Bank of China, City National Bank, Bank of Nova Scotia (Scotiabank) and Mizuho Bank.
About SKECHERS USA, Inc.
Skechers, The Comfort Technology Company based in Southern California, designs, develops and markets a diverse line of lifestyle and performance footwear, apparel and accessories for men, women and children. The Company’s collections are available in the United States and in more than 170 countries and territories through department and specialty stores, and direct to consumers through 4,170 company-owned retail stores and e-commerce websites and at some thirds. The Company manages its international operations through a network of global distributors, joint venture partners in Asia, Israel and Mexico and wholly owned subsidiaries in Canada, Japan, India, Europe and America. Latin. For more information, visit about.skechers.com and follow us on Facebook, Instagram, Twitter, and TikTok.
This announcement contains forward-looking statements which are made in accordance with the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. . These forward-looking statements may include, without limitation, the future domestic and international growth of Skechers, its financial results and operations, including expected sales and net profits, its development of new products, future demand for its products, its planned national and international expansion, new store opening and additional spending, as well as advertising and marketing initiatives. Forward-looking statements can be identified by the use of forward-looking terms such as “believe”, “anticipate”, “expect”, “estimate”, “intend”, “plan”, “project”, ” will be ”,“ will continue ”,“ will result ”,“ could ”,“ could ”,“ could ”or any variation of these words having similar meanings. Such statements are subject to risks and uncertainties which could cause actual results to differ materially from those projected in forward-looking statements. Factors that could cause or contribute to such differences include business and operations disruption due to the COVID-19 pandemic; delays or disruptions in our supply chain; international economic, political and market conditions, including difficult retail markets in the United States; maintain, manage and forecast costs and appropriate inventory levels; losing important customers; decreased demand from industry retailers and cancellation of order commitments due to the lack of popularity of particular designs and / or product categories; maintain branding and intense competition among sellers of consumer footwear, especially in the highly competitive market for performance footwear; anticipate, identify, interpret or forecast changes in fashion trends, consumer demand for the products and the various market factors described above; sales levels during the spring, back-to-school and holiday sales periods; and other factors referenced or incorporated by reference in Skechers’ annual report on Form 10-K for the year ended December 31, 2020 and its quarterly report on Form 10-Q for the three months ended September 30, 2021 Specifically, the COVID -19 pandemic has had and is currently having a significant impact on Skechers’ business, financial conditions, cash flow and results of operations. Forward-looking statements regarding the COVID-19 pandemic include, without limitation, Skechers plans in response to this pandemic. At present, there is significant uncertainty regarding the COVID-19 pandemic, including, but not limited to, (i) the duration and extent of the impact of the pandemic, (ii) the responses government officials to the pandemic, including how those responses may impact Skechers. business and operations, as well as the operations of its factories and other business partners, (iii) the effectiveness of Skechers actions taken in response to these risks, and (iv) Skechers’ ability to effectively and timely adjust its plans in response to the rapidly changing business and economic environment. Given these and other risk factors associated with the COVID-19 pandemic, the dynamic nature of these circumstances means that what is stated in this press release could change at any time and, therefore, the actual results. could differ materially from those envisaged. by such forward-looking statements. The risks included here are not exhaustive. Skechers operates in a very competitive and rapidly changing environment. New risks emerge from time to time and we cannot predict all of these risk factors, nor assess the impact of all of these risk factors on our business or the extent to which any factor, or a combination of factors, may cause a substantial difference from the actual results. those contained in forward-looking statements. In view of these risks and uncertainties, you should not place undue reliance on forward-looking statements as a prediction of actual results. In addition, the reported results should not be taken as an indication of future performance.
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SKECHERS USA, Inc.
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