Chewy amends, restates upsized $800 million ABL revolver

By William Gullotti

Buffalo, N.Y., Feb. 1 – Chewy, Inc. entered into a second amendment to its ABL credit agreement with Wells Fargo Bank, NA as administrative agent on Jan. 26, according to an 8-K filing with the Securities and Exchange Commission.

The amendment ups revolver commitments to $800 million from $500 million and allows for incremental increases in commitments for up to an additional $250 million.

The maturity date remains Aug. 27, 2026.

The amendment also updated the interest rate to SOFR from Libor. ABL borrowings will bear interest at SOFR plus a margin ranging from 125 basis points to 175 bps, with the margin based on average excess liquidity.

The fixed commitment fee remained unchanged at 25 bps on undrawn commitments.

JPMorgan Chase Bank, NA is listed as the syndication agent.

Citibank, NA also joined Wells Fargo and JPMorgan as lead arrangers and joint bookrunners as part of the amended agreement.

Chewy is an online retailer of pet food and other pet-related products owned by PetSmart and based in Dania Beach, Fla.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.