Culp, Inc. (NYSE:CFI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 – Entry into a Material Definitive Agreement
On August 13, 2018, Culp, Inc. (the Registrant) entered into a Fifth Amendment to Credit Agreement (Fifth Amendment), which amends the Credit Agreement between the Registrant and Wells Fargo Bank, National Association.The terms of the Fifth Amendment include provisions that reduce the amount of our line of credit under the Credit Agreement from $30 million to $25 million, reduce the amount of the Unencumbered Liquid Assets maintenance covenant from $20 million to $15 million, and set an expiration date of August 15, 2020.
About Culp, Inc. (NYSE:CFI)
Culp, Inc. is a producer of mattress fabrics and marketer of upholstery fabrics for furniture in North America. The Company is engaged in the manufacture, sourcing and marketing of mattress fabrics and sewn covers used for covering mattresses and box springs, and upholstery fabrics, including cut and sewn kits used in production of upholstered furniture. The Company operates through two segments: mattress fabrics (Culp Home Fashions) and upholstery fabrics. Its mattress fabrics segment manufactures and markets mattress fabric and mattress covers to bedding manufacturers. Its upholstery fabrics segment markets fabrics for residential and commercial furniture, including jacquard woven fabrics, velvets, microdenier suedes, woven dobbies, knitted fabrics, piece-dyed woven products and polyurethane leather look fabrics. The Company markets a range of fabrics in the categories, including fabrics produced at its manufacturing facilities and fabrics produced by other suppliers.