Rocky Brands annoucnes debt refinancing

Rocky Brands “announced the signing of a definitive debt refinance agreement with Bank of America, as agent. The new agreement, which amends and restates the Company’s existing revolving credit facility, will serve to enhance the Company’s cash flow and liquidity profile while permitting a more simplified capital structure. The upsized, amended and extended ABL facility, agented by Bank of America, is comprised of a $175 million revolving credit facility and a $50 million term facility, amending and restating the Company’s existing $175 million revolving credit facility with Bank of America. Proceeds from the refinance were used to retire the Company’s existing senior secured term loan facility agented by TCW Asset Management Company, LLC as of April 26, 2024. The combined transactions are expected to generate net savings of approximately $2.9 million for the remainder of 2024, offset by fees and amortization associated with the retirement of the senior secured term loan facility of approximately $2.6 million. In 2025, the combined transactions are expected to generate a combined annualized savings of approximately $4.4 million.”