Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

DULUTH HOLDINGS INC.

(DLTH)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

DULUTH HOLDINGS INC. : Entry into a Material Definitive Agreement, Termination of a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)

05/19/2021 | 04:34pm EDT

Item 1.01 Entry into a Material Definitive Agreements.

On May 14, 2021 (the "Closing Date"), Duluth Holdings Inc. (the "Company") entered into a new Credit Agreement (the "Credit Agreement") among the Company, the Lenders party thereto (the "Lenders"), Bank of America, N.A., as Administrative Agent (in such capacity, the "Agent"), Swingline Lender and L/C Issuer, BofA Securities, Inc., as a Joint Lead Arranger and Sole Bookrunner, and Keybanc Capital Markets Inc., as a Joint Lead Arranger. The Credit Agreement provides for borrowings of up to $150 million in aggregate principal amount that are available under a revolving senior credit facility (the "Revolver"), with a $5 million sublimit for the issuance of standby letters of credit, as well as a $10 million sublimit for swing line loans.

At the Company's option, the interest rate applicable to the Revolver will be a floating rate equal to: (i) the Bloomberg Short-Term Bank Yield Index rate ("BSBY") plus the applicable rate of 1.25% to 2.00% determined based on the Company's rent adjusted leverage ratio, or (ii) the base rate plus the applicable rate of 0.25% to 1.00% based on the Company's rent adjusted leverage ratio. The proceeds of the Revolver will be used to refinance existing indebtedness, finance working capital and capital expenditures, and for other general corporate purposes. The Company is also permitted to voluntarily prepay the Credit Agreement in whole or in part at any time, where borrowings bearing interest based on the base rate may be prepaid at any time without penalty and borrowings bearing interest based on BSBY may be prepaid, subject to payment of usual and customary breakage and redeployment costs. The Revolver will mature on May 14, 2026 (the "Maturity Date"). The Credit Agreement also contains an accordion feature under which the Company may request incremental loans in aggregate amount of up to $50 million after the Closing Date and prior to the Maturity Date and with the consent of the Agent, and after meeting certain conditions. The extension of incremental loans is subject to the Lenders' discretion and may either be one or more tranches of term A loans or increases in the aggregate revolving loan commitments. The Credit Agreement contains customary events of default and financial, affirmative and negative covenants, including but not limited to quarterly financial covenants commencing the fiscal quarter ending May 2, 2021, relating to the Company's rent adjusted leverage ratio and fixed charge coverage ratio.

Pursuant to the Security Agreement, dated as of May 14, 2021 (the "Security Agreement"), by and among the Company and Bank of America, N.A., as Administrative Agent, the Credit Agreement is secured by a first-priority perfected security interest in substantially all of the tangible and intangible assets of the Company.

The Credit Agreement and the Security Agreement are filed as Exhibits 10.1 and 10.2 herewith and incorporated herein by reference. The foregoing descriptions of the Credit Agreement and Security Agreement do not purport to be complete and are qualified in their entirety by the full text of such agreements.

Item 1.02 Termination of a Material Definitive Agreements.

In connection with the entry into the Credit Agreement, the Company's Credit Agreement, dated as of May 17, 2018, among Duluth Holdings Inc., as the borrower, BMO Harris Bank N.A., as Administrative Agent, Swingline Lender and L/C Issuer, the other lenders party thereto, and BMO Capital Markets Corp., as Sole Lead Arranger and Sole Book Runner, as amended by Amendment No. 1, dated as of April 30, 2020, was terminated on May 14, 2021.




                                       2

--------------------------------------------------------------------------------

Item 9.01. Financial Statements and Exhibits.


(d) Exhibits



Exhibit No.                                  Description

   10.1             Credit Agreement, dated as of May 14, 2021, among Duluth
                  Holdings Inc., the Lenders party thereto, Bank of America, N.A.,
                  as Administrative Agent, Swingline Lender and L/C Issuer, BofA
                  Securities, Inc., as a Joint Lead Arranger and Sole Bookrunner,
                  and Keybanc Capital Markets Inc., as a Joint Lead Arranger

   10.2             Security Agreement, dated as of May 14, 2021, by and between
                  Duluth Holdings Inc. and Bank of America, N.A.

    104           Cover Page Interactive Data File (embedded within the Inline XBRL
                  document)




                                       3

--------------------------------------------------------------------------------

© Edgar Online, source Glimpses

All news about DULUTH HOLDINGS INC.
06/29NIOCORP DEVELOPMENTS : Responds to Market Activity, Also Provides Operational Up..
MT
06/28INSIDER TRENDS : 90-Day Insider Buying Trend Reduced with Disposition of Duluth ..
MT
06/25DULUTH HOLDINGS INC.(NASDAQGS : DLTH) dropped from Russell 3000 Value Index
CI
06/25DULUTH HOLDINGS INC.(NASDAQGS : DLTH) added to Russell Microcap Growth Index
CI
06/25DULUTH HOLDINGS INC.(NASDAQGS : DLTH) added to Russell 3000E Growth Index
CI
06/25DULUTH HOLDINGS INC.(NASDAQGS : DLTH) dropped from Russell Microcap Value Index
CI
06/25DULUTH HOLDINGS INC.(NASDAQGS : DLTH) added to Russell 2500 Growth Index
CI
06/25DULUTH HOLDINGS INC.(NASDAQGS : DLTH) dropped from Russell 3000E Value Index
CI
06/25DULUTH HOLDINGS INC.(NASDAQGS : DLTH) added to Russell 3000 Growth Index
CI
06/25DULUTH HOLDINGS INC.(NASDAQGS : DLTH) dropped from Russell 2500 Value Index
CI
More news