West Marine, Inc. (NASDAQ:WMAR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement.
subsidiary of West Marine, Inc. (the “Company”), and certain of
the Company’s other subsidiaries, as borrowers and guarantors,
the lenders that are signatories thereto and Wells Fargo Bank,
National Association (as successor by merger to Wells Fargo
Retail Finance, LLC), as agent for the lenders, entered into a
Joinder and Second Amendment (including all exhibits and
schedules thereto, the “Second Amendment”) to the Company’s
Amended and Restated Loan and Security Agreement, dated as of
August 23, 2010, as amended by the First Amendment to the Amended
and Restated Loan and Security Agreement, dated as of November
30, 2012 (the “Existing Loan Agreement” which, together with
the Second Amendment, are referred to as the “Loan Agreement”),
to, among other things:
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Extend the final maturity date to April 10, 2022;
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Reduce the maximum available borrowing capacity from
$120.0 million to $60.0 million, and, at the Company’s option and subject to certain conditions, increase the borrowing capacity up to an additional $12.5 million; |
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Reduce the interest rates applicable to borrowings under
the Loan Agreement; |
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Allow for payment of dividends of up to $15.0 million in
any consecutive 12-month period, including the dividend declared on March 24, 2017; |
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Reduce administrative expense;
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Release West Marine Canada Corp., a Nova Scotia unlimited
liability company and wholly-owned subsidiary of the Company, from its obligations under the Loan Agreement due to the winding down of Canadian operations; and |
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Allow West Marine Insurance, Inc., a Vermont corporation
and wholly-owned subsidiary of the Company, to join in the execution of, and become a party to, the Loan Agreement as a new guarantor. |
meaning and effect as described in the Loan Agreement. All other
material terms of the Existing Loan Agreement remain unchanged.
About West Marine, Inc. (NASDAQ:WMAR)
West Marine, Inc. is a waterlife outfitter for cruisers, sailors, anglers and paddlesports enthusiasts. The Company offers a selection of core boating and water recreation products, primarily serving the needs of boat owners and professionals providing services to them. It services its customers through physical stores and two e-commerce Websites. It is a specialty retailer of boating supplies, gear, apparel, footwear and other waterlife-related products. It operates approximately 260 stores located in approximately 40 states, Puerto Rico and Canada. Its products include boating products and merchandise expansion products. Its boating products include maintenance, electronics, sailboat hardware, anchors/docking/moorings, engine systems, boats/outboards, ventilation, navigation, trailering, seating/boat covers and barbecues/appliances. Its merchandise expansion products include clothing accessories, fishing, watersports, paddlesports, coolers and waterlife lifestyle accessories. West Marine, Inc. (NASDAQ:WMAR) Recent Trading Information
West Marine, Inc. (NASDAQ:WMAR) closed its last trading session up +0.03 at 9.52 with 35,900 shares trading hands.