Item 1.01. Amendment to a Material Definitive Agreement.
On April 9, 2021, Hamilton Beach Brands, Inc. ("HBB") entered into Amendment No.
9 to Amended and Restated Credit Agreement by and among Wells Fargo Bank,
National Association, as Administrative Agent, the Lenders that are Parties
thereto as the Lenders, Hamilton Beach Brands, Inc., as Parent and U.S.
Borrower, and Hamilton Beach Brands Canada, Inc., as Canadian Borrower (the
"Amendment"). Due to the highly seasonal nature of the Company's primary
markets, Amendment No. 8 dated November 23, 2020 provided for increases in
advance rates used to determine the borrowing base during periods of the second
half of the calendar year. The Amendment increases the credit facility from $125
million to $140 million for a period of sixty days from its effective date to
provide similar flexibility as demand for small kitchen appliances is expected
to remain strong in the first half of 2021.
The Amendment is attached as Exhibit 10.1 to this Current Report on Form 8-K and
is hereby incorporated into this Item 1.01 by reference. The foregoing summary
of the Amendment is qualified in its entirety by reference to the full text of
such exhibit.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Exhibit Description
10.1 Amendment No. 9 to Amended and Restated Credit Agreement by and
among Wells Fargo Bank, National Association, as Administrative
Agent, the Lenders that are Parties Hereto as the Lenders, Hamilton
Beach Brands, Inc., as Parent and U.S. Borrower, and Hamilton Beach
Brands Canada, Inc., as Canadian Borrower, dated April 9, 2021.
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