Item 1.01 Entry into a Material Definitive Agreement.
On July 20, 2022, Burlington Coat Factory Warehouse Corporation (the "Company"),
an indirect wholly-owned subsidiary of Burlington Stores, Inc., entered into a
Fourth Amendment to Second Amended and Restated Credit Agreement (the
"Amendment"), by and among the Company, as lead borrower (the "Lead Borrower"),
the other borrowers party thereto (collectively with the Lead Borrower, the
"Borrowers"), the facility guarantors party thereto, the lenders party thereto
and Bank of America, N.A., as administrative agent and collateral agent, which
Amendment amends that certain Second Amended and Restated Credit Agreement dated
as of September 2, 2011 (as previously amended, restated, supplemented, or
otherwise modified prior to the date of the Amendment, the "Credit Agreement"),
by and among the Company, as lead borrower, the other borrowers party thereto,
the facility guarantors party thereto, the lenders party thereto and Bank of
America, N.A., as administrative agent and collateral agent.
The parties entered into the Amendment in order to, among other things,
(i) increase the aggregate principal amount of the commitments from $650 million
to $900 million and (ii) remove and replace the LIBOR-based interest rate
benchmark provisions with interest rate benchmark provisions based on a term
secured overnight financing rate ("SOFR") or a daily SOFR rate (in the case of
daily SOFR, available for borrowings up to $100 million, or up to the full
amount of the commitments if the term SOFR rate is not available). The Amendment
provides that advances under the Credit Agreement will bear interest at a daily
SOFR rate, a term SOFR rate or a prime rate, at the option of the Borrowers,
plus a margin that ranges from 1.125% to 1.375% in the case of a daily SOFR rate
or a term SOFR rate and 0.125% to 0.375% in the case of a prime rate, depending
on the average daily availability of the lesser of (a) the total commitments or
(b) the borrowing base.
The foregoing description of the Amendment is qualified in its entirety by
reference to such document, a copy of which is attached hereto as Exhibit 10.1
and is incorporated into this Item 1.01 by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement or a Registrant.
The information contained in Item 1.01 with respect to the Amendment is
incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit
Number Description
10.1 Fourth Amendment to Second Amended and Restated Credit Agreement,
dated as of July 20, 2022, by and among Burlington Coat Factory
Warehouse Corporation, as lead borrower, the other borrowers party
thereto, the facility guarantors party thereto, each lender party
thereto, and Bank of America, N.A., as administrative agent and
collateral agent. 1
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
1 Certain schedules have been omitted pursuant to Item 601(b)(2) of Regulation
S-K. The Company undertakes to furnish supplemental copies of any of the
omitted schedules to the SEC upon request.
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