KIRKLAND'S, INC : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)
December 19, 2022 at 04:33 pm EST
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Item 1.01 Entry into a Material Definitive Agreement.
On December 16, 2022, Kirkland's Inc. ("the Company"), entered into the LIBOR
Transition Amendment, which amends the Second Amended and Restated Credit
Agreement (the "2019 Credit Agreement", dated as of December 6, 2019, by and
among the Company which, together with one of its subsidiaries, serves as a
guarantor thereunder, the remaining of the Company's subsidiaries as borrowers
(the "Borrowers"), Bank of America, N.A., as administrative agent and collateral
agent, and lender.
The LIBOR Transition Amendment modified the 2019 Credit Agreement to reflect
that the loans and other extensions of credit provided thereunder that incur
interest, fees, commissions or other amounts based on the London Interbank
Offered Rate as administered by the ICE Benchmark Administration ("LIBOR"), will
no longer incur interest based on LIBOR but instead will incur interest based on
the forward-looking Secured Overnight Financing Rate ("SOFR") term rate
administered by CME Group Benchmark Administration Limited (based upon an
interest period of, at the borrower's election, one, three or six months).
Except as set forth in the LIBOR Transition Amendment, the other terms and
conditions of the 2019 Credit Agreement remain in full force and effect. All
other material terms included in the 2019 Credit Agreement, as amended, remain
unchanged as a result of the execution of the LIBOR Transition Agreement.
The foregoing description of the LIBOR Transition Amendment does not purport to
be complete and is qualified in its entirety by reference to the LIBOR
Transition Amendment which is attached hereto as Exhibit 10.1 and is
incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 above is incorporated by reference
into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1 LIBOR Transition Amendment dated as of December 16, 2022, by and
among Kirkland's Inc., the borrowers and guarantors named therein, Bank
of America, N.A., as administrative agent, and the lenders named
therein.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
Kirklandâs, Inc. is a specialty retailer of home decor and furnishings in the United States. The Company operates about 330 stores in 35 states as well as an e-commerce Website, www.kirklands.com, under the Kirklandâs Home brand. The Companyâs merchandise categories include holiday decor, furniture, textiles, decorative accessories, art, home fragrance, ornamental wall decor, mirrors, housewares, lighting, floral, outdoor and gift. All the Companyâs stores operate under the names Kirklandâs, Kirklandâs Home, Kirklandâs Home Outlet, Kirklandâs Outlet, and The Kirkland Collection. The Companyâs storeâs locations include Texas, Florida, Georgia, North Carolina, Tennessee, California, Alabama, Illinois, Indiana, Pennsylvania, Louisiana, Ohio, Michigan, Missouri, South Carolina, Virginia, Kentucky, Arizona, Oklahoma, Mississippi, New Jersey, Arkansas, Wisconsin, North Dakota, West Virginia, Delaware, Minnesota, Nevada, Nebraska, Maryland, and Colorado among others.
KIRKLAND'S, INC : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)
KIRKLAND'S, INC. 
