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Crocs, Inc. Obtains New $70 Million 5-Year Revolving Credit Agreement

Crocs, Inc. (NASDAQ: CROX) announced today that the Company entered into an amended and restated credit agreement, effectively replacing the existing $30M asset backed line of credit set to expire September 2014 with a five-year $70M secured revolving line of credit.

The loan is provided by PNC Bank, N.A., a member of The PNC Financial Services Group, Inc. (NYSE:PNC). JPMorgan and Wells Fargo Bank, N.A. are also participants in the credit agreement.

“The new credit agreement provides us with the additional financial flexibility to invest in our strategic initiatives,” stated Jeff Lasher, Chief Financial Officer of Crocs, Inc. “This improves upon our already solid capital structure to support the Company's plans for future growth.”

Borrowings under the revolving credit facility will bear interest at variable rates. Under the agreement, the Company must adhere to certain financial covenants, which are more thoroughly described in the Company’s Form 8-K, which was filed today with the Securities and Exchange Commission. The facility matures in December 2016.

“We have enjoyed the relationship we have built with Crocs and look forward to continuing to provide them with the financial backing that helps them achieve their goals,” stated Steve Roberts, Vice President of PNC Bank, N.A.

PNC is a registered service mark of The PNC Financial Services Group, Inc.

About Crocs, Inc.

A world leader in innovative casual footwear for men, women and children, Crocs, Inc. (NASDAQ: CROX), offers several distinct shoe collections with more than 250 styles to suit every lifestyle. As lighthearted as they are lightweight, Crocs™ footwear provides profound comfort and support for any occasion and every season. All Crocs™ branded shoes feature Croslite™ material, a proprietary, revolutionary technology that produces soft, non-marking, and odor-resistant shoes that conform to your feet.

Crocs™ products are sold in 90 countries. Every day, millions of Crocs™ shoe lovers around the world enjoy the exceptional form, function, versatility and feel-good qualities of these shoes while at work, school and play.

Visit for additional information.

Forward-looking statements

The matters regarding the future discussed in this news release include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements include, but are not limited to, statements regarding future revenue and earnings, backlog, future orders, prospects and product pipeline. These statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performances, or achievements expressed or implied by the forward-looking statements. These risks and uncertainties include, but are not limited to, the following: macroeconomic issues, including, but not limited to, the current global financial conditions; the effect of competition in our industry; our ability to effectively manage our future growth or declines in revenue; changing fashion trends; our ability to maintain and expand revenues and gross margin; our ability to accurately forecast consumer demand for our products; our ability to develop and sell new products; our ability to obtain and protect intellectual property rights; the effect of potential adverse currency exchange rate fluctuations and other international operating risks; our ability to open and operate additional retail locations; and other factors described in our most recent annual report on Form 10-K under the heading “Risk Factors” and our subsequent filings with the Securities and Exchange Commission. Readers are encouraged to review that section and all other disclosures appearing in our filings with the Securities and Exchange Commission. We do not undertake any obligation to update publicly any forward-looking statements, including, without limitation, any estimate regarding revenues or earnings, whether as a result of the receipt of new information, future events, or otherwise.

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