Kohl's entered into Amendment No. 2 to its Credit Agreement, extending the revolving credit facility's maturity to June 30, 2031. The amendment simplifies the pricing grid to a single 50% availability breakpoint, setting margins at 0.25%–0.50% for Base Rate Loans and 1.25%–1.50% for SOFR Loans, and removes the prior 0.10% Term SOFR credit spread adjustment. It also adds an in-transit inventory basket of up to 15% of the borrowing base and revises Availability to account for a Debt Maturity Reserve. The changes are intended to enhance liquidity and financial flexibility.
Agreement details:
- Agreement type: Amended revolving credit facility (maturity extended to 2031)
- Counterparty: Wells Fargo, as Agent, and other lenders
- Signed / Effective: Jun 30 2026 / same
- Duration / Termination: 5 years (matures Jun 30 2031)
- Reason: Extend liquidity and improve flexibility under borrowing base and pricing
Original SEC Filing:
This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.