Tandy Leather Factory, Inc. (NASDAQ:TLF) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement
On August 10, 2017, Tandy Leather Factory, Inc. executed a Promissory Notewith BOKF, NA dba Bank of Texas (“BOKF”), pertaining to the existing $6 million line of credit facility for which the maturity date was extended from September 18, 2018 to September 18, 2019.All other terms remain unchanged. The Promissory Note is attached hereto as Exhibit 10.1 and is incorporated herein by reference.The description of the Promissory Note contained herein is qualified in its entirety by reference to the full text of the Promissory Note.
Further, on August 10, 2017, the company executed a Promissory Notewith BOKF, pertaining to the existing $15 million line of credit facility for the purchase of the Company’s common stock.This Promissory Note extended the draw period to August18, 2018, during which time the Company will make monthly interest-only payments.On August 18, 2018, the principal balance will be rolled into a 4-year term note which matures September 18, 2022.All other terms remain unchanged. This Promissory Note is attached as Exhibit 10.2 and is incorporated herein by reference.The description of the Promissory Note contained herein is qualified in its entirety by reference to the full text of the Promissory Note.
TANDY LEATHER FACTORY INC ExhibitEX-10..1 2 exhibit10-1.htm $6 MILLION LINE OF CREDIT EXTENSION Exhibit 10.1 PROMISSORY NOTE Principal $6,…To view the full exhibit click here
About Tandy Leather Factory, Inc. (NASDAQ:TLF)
Tandy Leather Factory, Inc. is a retailer and a wholesale distributor of a range of leather and related products. The Company’s products include leather, leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware, and do-it-yourself kits. The Company also manufactures leather lacing and some of its do-it-yourself kits. The Company operates through three segments: Wholesale Leathercraft, Retail Leathercraft and International Leathercraft. The Wholesale Leathercraft segment consists of a chain of wholesale stores operating under the name, The Leather Factory, located in North America. The Retail Leathercraft segment consists of a chain of retail stores operating under the name, Tandy Leather Company, located in North America. The International Leathercraft segment sells to both wholesale and retail customers. The Company has approximately four stores, two located in the United Kingdom, one located in Australia and one located in Spain.
