Zumiez amends credit agreement to $25M; restricts dividends and buybacks through Dec 2024

Zumiez Inc

Credit limit reduced to $25M through December 1, 2024 (previously higher).
EBITDA maintenance covenant: not less than $9M (Oct 2023), $2.5M (Feb 2024), $9M (May 2024), $12M (Aug 2024), $20M (Nov 2024).
Borrowing rate set at SOFR plus 1.75% per annum; unused commitment fee 0.50% per annum.
Dividends and stock repurchases disallowed without Wells Fargo approval through December 1, 2024.
Amendment dated November 30, 2023 with Wells Fargo Bank, N.A.

item 1.01 item 2.03

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

Zumiez Inc amended Third Amendment to Credit Agreement with Wells Fargo Bank, N.A (effective 2023-11-30).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, N.A
Effective: 2023-11-30

Exact text from the filing

Zumiez Inc. (the “ Registrant ”) together with its subsidiary Zumiez Services Inc. (“ Zumiez Services ”) as the co-borrower (collectively with the Registrant and certain other subsidiaries as guarantors, the “ Company ”), entered into a Third Amendment to Credit Agreement (the “ Amendment ”) with Wells Fargo Bank, N.A (the “ Bank ”).

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Source: SEC EDGAR

accession 0001193125-23-288461

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