PIER 1 IMPORTS, INC. (NYSE:PIR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On June 2, 2017, Pier 1 Imports, Inc., through its subsidiary
Pier 1 Imports (U.S.), Inc. (collectively with Pier 1 Imports,
Inc. and other subsidiaries as guarantors, the Company), as the
borrower, entered into a Second Amended and Restated Credit
Agreement (the Revolving Credit Agreement) with Bank of America,
N.A., as administrative agent and collateral agent, Merrill
Lynch, Pierce, Fenner Smith Incorporated and Wells Fargo Bank,
National Association as joint lead arrangers and joint lead
bookrunners, and various other agents and the lenders party
thereto, which amended certain terms of its $350 million
revolving credit facility (the Revolving Credit Facility) as
described below.
The Revolving Credit Agreement extends the maturity date for the
Revolving Credit Facility from June 18, 2018, to June 2, 2022.
Credit extensions under the Revolving Credit Facility amounted to
$42.2 million as of June 2, 2017, comprised entirely of stand-by
letters of credit issued to the Revolving Credit Agreement.
The Revolving Credit Agreement provides, at the Companys option,
that borrowings will bear interest at either (a) the adjusted
LIBOR rate plus a spread varying from 125 to 150 basis points per
annum, depending on the amount then borrowed under the Revolving
Credit Facility (150 basis points as of June 2, 2017), or (b) the
prime rate plus a spread varying from 25 to 50 basis points per
annum, depending on the amount then borrowed under the Revolving
Credit Facility (50 basis points as of June 2, 2017). Provided
that there is no default and no default would occur as a result
thereof, the Company may request that the Revolving Credit
Facility be increased to an amount not to exceed $500 million.
A copy of the Revolving Credit Agreement will be filed as an
exhibit to the Companys Quarterly Report on Form 10-Q for the
quarter ended May 27, 2017.
Item 2.03 Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant.
The disclosure set forth under Item 1.01 (Entry into a Material
Definitive Agreement) above is hereby incorporated by reference
into this Item 2.03.
Item 7.01 Regulation FD Disclosure.
On June 7, 2017, Pier 1 Imports, Inc. (the Company) issued a
press release announcing that it will distribute its first
quarter fiscal 2018 financial results after market close on
Wednesday, June 28, 2017, followed by a conference call at 4:00
p.m. Central Time that day. The call will be hosted by Alasdair
James, President and Chief Executive Officer, and Jeff Boyer,
Executive Vice President and Chief Financial Officer. A copy of
this press release is attached hereto as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| 99.1 |
Press release dated June 7, 2017, announcing that the Company will distribute its first quarter fiscal 2018 financial results after market close on Wednesday, June 28, 2017, followed by a conference call at 4:00 p.m. Central Time that day. |
About PIER 1 IMPORTS, INC. (NYSE:PIR)
Pier 1 Imports, Inc. is an importer of home decor and furniture. The Company’s operations consist of retail stores and an e-commerce Website conducting business under the name Pier 1 Imports, which sells a range of decorative accessories, furniture, candles, housewares, gifts and seasonal products. The Company’s categories of merchandise include decorative accessories and furniture. The decorative accessories category includes decorative accents and textiles, such as rugs, wall decorations and mirrors, candles, fragrance, gifts and seasonal items. The furniture category includes furniture and furniture cushions to be used in living, dining, office, sunrooms and patios. This merchandise group is generally made of metal or handcrafted natural materials, including rattan, pine, acacia, oak and other woods with either natural, stained, painted or upholstered finishes.