Skechers Gets $250 Million Credit Facility

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Skechers USA Inc. said Tuesday it closed on a $250 million credit facility that will put the Manhattan Beach casual shoemaker in a “stronger position” to fund growth initiatives.

Chief Financial Officer Fred Schneider said the syndicated secured credit facility should handle Skechers’ needs for the next four years. The company reiterated it would break even for the first half of 2009 due to the continuing difficult retail environment, and expects to return to profitability in the second half of the year.

“We were able to secure a new facility in these difficult times because of our strong financial position, operating history and place in the global market,” Schneider said in a statement.

Wells Fargo Foothill and Bank of America were co-lead arrangers for the facility, which the company said was oversubscribed.

Skechers shares were up 28 cents, or 3 percent, to $9.45 in midday trading on the New York Stock Exchange.

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