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Crocs cancels FY'20 guidance, raises credit facility to $500M

Crocs Inc. on March 30 withdrew its first-quarter and full-year guidance for fiscal 2020 after closing all of its stores in North America due to the coronavirus outbreak.

The footwear retailer also suspended operations at most of its shops in Europe, in line with local authorities' regulations. Its online store remains open.

Given the uncertainty surrounding the pandemic, Crocs raised its revolving credit facility with PNC Bank NA and other lenders to $500 million from $450 million. It has borrowings outstanding on the credit facility of up to $355 million.

The amended facility, which is still due July 2024, has a new leverage ratio of 4x for the second quarter and third quarter of 2020. It will then decrease to a leverage ratio of 3.5x through the fourth quarter of 2021 and 3.25x afterward.

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