CROCS,INC. (NASDAQ:CROX) Files An 8-K Entry into a Material Definitive Agreement

ME Staff 8-k
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CROCS,INC. (NASDAQ:CROX) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.

On October13, 2017, Crocs,Inc. (the “Company”) and its subsidiaries, Crocs Retail,LLC, Ocean Minded,Inc., Jibbitz, LLC and Bite,Inc., as borrowers and Western Brands Holding Company, LLC, as guarantor, entered into the Fourteenth Amendment to the Amended and Restated Credit Agreement (the “Amendment”), with PNC Bank, National Association (“PNC”), as lender and administrative agent, and the other lenders party thereto, to which certain terms of the Amended and Restated Credit Agreement, dated December16, 2011, were amended.

The Amendment, among other things, (i)increases the total commitments under the Company’s revolving credit facility from $80 million to $100 million, (ii)adds KeyBank National Association as a lender under the revolving credit facility, (iii)increases the covenant triggering event upon which the borrowers are required to meet certain financial covenants from $20 million in average outstanding borrowings during a specified period to the lesser of $40 million or 40% of the total commitments, (iv)permits certain intercompany loans of up to $375 million, and (v)amends certain other provisions to be more favorable to the Company.

The foregoing summary of the Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amendment, which will be filed with the Company’s Annual Report on Form10-K for the fiscal year ended December31, 2017.

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 in Item 1.01 of this report is incorporated by reference into this Item 2.03.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On October17, 2017, Jason K. Giordano resigned from the Board of Directors of the Company, effective immediately. Mr.Giordano’s decision to resign was not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.


About CROCS,INC. (NASDAQ:CROX)

Crocs, Inc. is engaged in the design, development, manufacturing, across the world marketing and distribution of casual lifestyle footwear and accessories for men, women and children. The Company’s segments include Americas, Asia Pacific and Europe. The Americas segment consists of the product sales in the North and South America geographic regions. The Asia Pacific segment consists of the product sales throughout Asia, Australia, New Zealand, the Middle East and South Africa. The Europe segment consists of the product sales throughout Europe and Russia. The Company’s products include footwear and accessories that utilize its closed-cell resin, called Croslite, as well as casual lifestyle footwear that use a range of materials. It sells its products in over 60 countries through domestic and international retailers and distributors, and directly to consumers through its company-operated retail stores, outlets, Webstores and kiosks.