Kohl's Corporation Enters into A Credit Agreement with Various Lenders
October 22, 2021 at 04:58 pm EDT
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On October 22, 2021, Kohl's Corporation entered into a Credit Agreement with various lenders party thereto, Wells Fargo Bank, National Association, as Administrative Agent, a Swing Line Lender and an Issuing Bank, Bank of America, N.A., JPMorgan Chase Bank, N.A., MUFG Bank Ltd. and U.S. Bank National Association, as Syndication Agents, Swing Line Lenders, and Issuing Banks, The Bank of New York Mellon, as an Issuing Bank and BMO Harris Bank, N.A., Capital One, N.A., Goldman Sachs Bank USA, Morgan Stanley Senior Funding Inc., and TD Bank, N.A., as Documentation Agents, and Wells Fargo Securities, LLC, BofA Securities Inc., JP Morgan Chase Bank, N.A., MUFG Bank Ltd., and U.S. Bank National Association, as Joint Lead Arrangers and Bookrunners. The Credit Agreement provides for a $1.0 billion senior unsecured five-year revolving credit facility and includes terms generally consistent with the Company?s prior 2019 senior unsecured five-year revolving credit facility. The Company may request an increase in revolving credit commitments under the facility of up to $500.0 million in certain circumstances. Events of default under the Credit Agreement include, among other things, a change of control of the Company and the Company?s default of other debt exceeding $75.0 million. Certain of the lenders and/or their affiliates have other business relationships with the registrant involving the provision of financial and banking-related services, including cash management, private label credit card program, letters of credit, corporate credit cards and investment banking and trust services.
Kohl's Corporation is an omnichannel retailer. The Company operates approximately 1,174 stores and a Website (www.Kohls.com). The Companyâs Kohl's stores and Website sell private and national brand apparel, footwear, accessories, beauty, and home products. Its Kohl's stores generally carry a consistent merchandise assortment with some differences attributable to local preferences, store size, and Sephora at Kohl's shop-in-shops (Sephora shops). Its Website includes merchandise which is available in its stores, as well as merchandise that is available only online. Its merchandise mix includes both national brands and private brands that are available at Kohl's. Its private portfolio includes various brands, such as Croft & Barrow, Jumping Beans, SO, Sonoma Goods for Life, and Tek Gear, and brands that are developed and marketed through agreements with nationally recognized brands, such as Food Network, LC Lauren Conrad, Nine West, and Simply Vera Vera Wang.