DULUTH HOLDINGS INC. (NASDAQ:DLTH) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
Entry into a Material Definitive Agreement
On November 1, 2017, Duluth Holdings Inc. (the “Company”) amended its existing Second Amended and Restated Loan Agreement dated as of October 7, 2016, as amended (“Credit Agreement”), among BMO Harris Bank, N.A. (f/k/a Harris N.A.) (the “Lender”) and the Company (the “Second Amendment”), in order to (i) increase the maximum advance amount from $60 million to $80 million for the period beginning on November 1, 2017 and ending on December 31, 2017, and (ii) reduce the maximum advance amount from $80 million to $60 million after December 31, 2017. The Company previously had amended its Credit Agreement to increase the maximum advance amount from $50 million to $60 million from September 29, 2017 through July 31, 2018 (the “First Amendment”). The maximum advance amount from August 1, 2018 to July 31, 2019 remained unchanged at $60 million.
The foregoing description is qualified in its entirety by reference to the First Amendment and the Second Amendment, which are filed herewith as Exhibits 10.1 and 10.2, which are incorporated by reference into this Item 1.01.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of the Registrant
The information provided in Item 1.01 of this Current Report on Form8-K pertaining to the Amended and Restated Agreement is incorporated by reference into this Item 2.03.
Item 9.01
Financial Statements and Exhibits
(d) Exhibits
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Exhibit No. |
Description |
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10.1 |
Amended and Restated Loan Agreement, dated October 7, 2016, among BMO Harris Bank N.A. (f/k/a Harris N.A.) and Duluth Holdings Inc., as amended by the First Amendment to the Amended and Restated Loan Agreement dated September 29, 2017 |
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10.2 |
Amended and Restated Loan Agreement, dated October 7, 2016, among BMO Harris Bank N.A. (f/k/a Harris N.A.) and Duluth Holdings Inc., as amended by the Second Amendment to the Amended and Restated Loan Agreement dated November 1, 2017 |
DULUTH HOLDINGS INC. ExhibitEX-10.1 2 exhibit101.htm FIRST AMENDMENT TO AMENDED AND RESTATED LOAN AGREEMENT EXHIBIT 10.1 Exhibit 10.1 FIRST AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AGREEMENT THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED LOAN AGREEMENT (this Amendment),…To view the full exhibit click here
About DULUTH HOLDINGS INC. (NASDAQ:DLTH)
Duluth Holdings Inc. is a lifestyle brand of men’s and women’s casual wear, workwear and accessories sold through the Company’s own direct and retail channels. The Company operates through two segments: direct and retail. The Company’s product assortment includes shirts, pants, underwear, outerwear, footwear, accessories and hard goods. The Company offers a range of products, such as its Longtail T shirts, Buck Naked underwear and Fire Hose work pants. The Company offers products under its Duluth Trading brand name. The Company also offers Duluthflex Ballroom jeans. The Company’s direct channel reaches customers through its Website and catalogs. The Company’s Website, www.duluthtrading.com, serves as a storefront for its product assortment. Its retail stores allow it to reach customers that prefer to shop in a brick and mortar setting. The Company’s stores range in size from 6,000 to 11,000 selling square feet.