WEYCO GROUP INC (WEYS): debt financing — Weyco Group amends credit facility: maturity to Sept 2024, limit cut to $40M

WEYCO GROUP INC

Maximum borrowing reduced from $50M to $40M under amended credit agreement with Associated Bank.
Maturity extended to September 28, 2024; facility now bears interest at one-month term SOFR plus 125 bps.
Facility secured by general business assets; includes minimum tangible net worth covenant.
Third Amendment dated September 28, 2023; previous note of $50M replaced.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

WEYCO GROUP INC amended revolving credit of $40.0 million with Associated Bank, National Association at one-month term secured overnight financing rate (“SOFR”) plus 125 basis points maturing September 28, 2024.

Instrument: revolving credit
Principal: $40.0 million
Counterparty: Associated Bank, National Association
Rate: one-month term secured overnight financing rate (“SOFR”) plus 125 basis points
Maturity: September 28, 2024
Event: amendment

Exact text from the filing

The Third Amendment extends the maturity of the credit facility to September 28, 2024, and has a maximum available borrowing limit of $40.0 million.

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Source: SEC EDGAR

accession 0001104659-23-105410

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