Lands' End amends term loan to replace LIBOR with SOFR benchmark

LANDS' END, INC.

Entered amendment to Term Loan Credit Agreement to replace LIBOR with SOFR as interest rate benchmark.
Amendment effective June 22, 2023; involves Fortress Credit Corp. as administrative agent.
No changes to principal amount, maturity, or other terms of the term loan facility.
This is a standard transition away from LIBOR in line with market practice.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

LANDS' END, INC. amended Amendment No. 1 to Term Loan Credit Agreement with Fortress Credit Corp. (as administrative agent and collateral agent) and the lenders party thereto (effective 2023-06-22).

Action: amendment
Agreement: credit facility
Counterparty: Fortress Credit Corp. (as administrative agent and collateral agent) and the lenders party thereto
Effective: 2023-06-22

Exact text from the filing

On June 22, 2023, Lands’ End, Inc. (the “Company”) and certain of its subsidiaries entered into Amendment No. 1 to Term Loan Credit Agreement (the “Amendment”), by and among the Company, the guarantors party thereto, Fortress Credit Corp. (as administrative agent and collateral agent) and the lenders party thereto, with respect to the Company’s term loan credit facility.

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LANDS' END, INC. filing history →

Source: SEC EDGAR

accession 0001104659-23-075305

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