STEIN MART, INC. (NASDAQ:SMRT) Files An 8-K Entry into a Material Definitive Agreement

STEIN MART, INC. (NASDAQ:SMRT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

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On February19, 2018, Stein Mart, Inc. (“Stein Mart”) and Stein Mart Buying Corporation (“Buying Corp”) (collectively “Borrowers”) entered into Amendment No.1 (the “Amendment”) to the Second Amended and Restated Credit Agreement, dated February3, 2015, (the “Credit Agreement”) with Wells Fargo Bank, National Association (“Administrative Agent” and “Lender”).

The Amendment provides for, among other things, an accommodation period during which the Borrowers will not be required to meet the Fixed Charge Coverage Ratio (as defined in the Credit Agreement). This change will permit the Borrowers to borrow the full amount of the then applicable borrowing base until the Borrowers deliver their financial statements for the Measurement Period (as defined in the Credit Agreement) ending February28, 2018, which delivery is expected to occur on or about March19, 2018. to the Amendment, a Cash Dominion Event (as defined in the Amendment) has occurred as of the effective date of the Amendment and at all times thereafter. The Amendment changes the frequency for the Borrowers’ delivery of Borrowing Base Certificates (as defined in the Credit Agreement) from monthly to weekly, with the first weekly certificate due on February28, 2018. Also, to the Amendment, the Borrowers have agreed to allow the Administrative Agent to perform one (1)additional field exam and one (1)additional borrowing base appraisal each year at the Borrowers’ expense.

The foregoing summary of the Amendment is not complete and is qualified in its entirety by Amendment No.1 to the Second Amended and Restated Credit Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein.

Item 1.01 FINANCIAL STATEMENTS AND EXHIBITS

(d) Exhibits

10.1 Amendment No.1 to Second Amended and Restated Credit Agreement


STEIN MART INC Exhibit
EX-10.1 2 d516230dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 EXECUTION AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT This AMENDMENT NO. 1 TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT,…
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About STEIN MART, INC. (NASDAQ:SMRT)

Stein Mart, Inc. is a national retailer offering the fashion merchandise, service and presentation of a department or specialty store. The Company offers apparel for women and men, as well as accessories, shoes and home fashions. The Company’s target customers are women over 45 years old. The Company operates approximately 280 stores in over 30 states and an Internet store. Its stores are located in the Northeast, Midwest, Southeast, Texas and the Southwest. It is concentrated in the Southeast and Texas where over 180 of its stores are located. The Company’s stores offer a range of services, such as merchandise locator service, a Preferred Customer program, co-branded and private label credit card programs, and electronic gift cards. The Company’s merchants purchase products from approximately 1,200 vendors. It leases all of its store locations, generally for approximately 10 years with options to extend the lease term for over two or five year periods.

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