Crocs has entered into an amended and restated credit agreement that replaces the existing $30 million asset-backed line of credit set to expire in September 2014 with a five-year, $70 million secured revolving line of credit. Borrowings under the revolving credit facility will bear interest at variable rates, and it matures in December 2016. The company said it would use the additional financial flexibility to invest in strategic initiatives. The loan is provided by PNC Bank, N.A., and JPMorgan and Wells Fargo Bank, N.A. are also participants in the credit agreement.
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