ROCKY BRANDS, INC. (RCKY): debt financing — Rocky Brands amends credit agreements, adding EBITDA adjustments and raising leverage ratio caps

ROCKY BRANDS, INC.

ABL and Term Loan amendments provide EBITDA add-backs for tariff overpayments up to $1.7M in Q2 2022 and $1.3M in Q4 2022.
Term Loan Maximum Total Leverage Ratio increased by 0.50 for Q3 and Q4 2022, and by 0.25 for Q1 and Q2 2023.
Performance pricing grid adjusted under Term Loan Agreement; effective November 2, 2022.
Third amendments executed with Bank of America (ABL) and TCW Asset Management (Term Loan).

item 1.01 item 2.03 item 9.01

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

ROCKY BRANDS, INC. amended revolving credit with Bank of America, N.A..

Instrument: revolving credit
Counterparty: Bank of America, N.A.
Event: amendment

Exact text from the filing

entered into a Third Amendment to the ABL Loan Agreement ("ABL Amendment") to provide certain EBITDA adjustments with respect to its financial covenants

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

ROCKY BRANDS, INC. amended term loan with TCW Asset Management Company LLC.

Instrument: term loan
Counterparty: TCW Asset Management Company LLC
Event: amendment

Exact text from the filing

entered into a Third Amendment to the Term Loan Agreement ("Term Loan Amendment"), among other things, to provide certain EBITDA adjustments with respect to its financial covenants, adjust the performance pricing grid and increase the Maximum Total Leverage Ratio by (i) 0.50 for the fiscal quarters ending September 30, 2022 and December 31, 2022, and (ii) 0.25 for the fiscal quarters ending March 31, 2023 and June 30, 2023

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ROCKY BRANDS, INC. filing history →

Source: SEC EDGAR

accession 0001437749-22-025778

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