Caleres (NYSE: CAL) (caleres.com) today announced it has entered into an amendment of its credit agreement, which extends its senior secured asset-based revolving credit facility to June 2030. The company’s borrowing capacity under the agreement will increase by $200 million to $700 million, and the agreement includes an accordion feature, which allows the company to request an increase in the size of the facility to $950 million in the aggregate.

“The expanded facility provides Caleres with enhanced liquidity and flexibility, and further strengthens the balance sheet,” said Jack Calandra, senior vice president and CFO of Caleres. “In the near term, after continuing to pay our dividend, Caleres’ capital allocation priorities are to complete the acquisition of Stuart Weitzman and invest in our growth vectors. Longer term, we will balance our investment priorities with debt reduction and returning capital to shareholders.”

Bank of America, N.A. is the administrative agent, collateral agent and lead issuing bank. Truist Bank, Wells Fargo Bank and U.S. Bank served as the joint lead arrangers and joint bookrunners. Fifth Third Bank, Regions Bank and TD Bank also participated in the credit facility.

About Caleres

Caleres is a market-leading portfolio of global footwear brands that includes Famous Footwear, Sam Edelman, Allen Edmonds, Naturalizer and Vionic and more. Our products are available virtually everywhere - in the nearly 1,000 retail stores we operate, in hundreds of major department and specialty stores, on our branded e-commerce sites and on many additional third-party retail platforms. Combined, these brands make Caleres a company with both a legacy and a mission. Our legacy is nearly 150 years of craftsmanship and our passion for fit, while our mission is to continue to inspire people to feel great… feet first. Visit caleres.com to learn more about us.

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