Vera Bradley amends credit facility: maturity extended to 2028, SOFR replaces LIBOR, up to $50M accordion added

Vera Bradley, Inc.

Maturity extended to May 2028; Creative Genius, LLC added as a borrower.
Borrowers may increase aggregate principal by up to $50.0 million via accordion feature.
Commitment fee set at 0.20% or 0.30% based on average quarterly utilization.
CB Floating Rate = greater of prime or 2.50%; term borrowings switch from LIBOR to adjusted Term SOFR + 0.10%.
Fixed charge coverage ratio ≥1.00x triggered when availability < ~$9.4M or 12.5% of borrowing base.

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

Vera Bradley, Inc. amended Third Amendment with JP Morgan Chase Bank, N.A., as the administrative agent, and lenders from time to time party thereto (effective 2023-08-03).

Action: amendment
Agreement: credit facility
Counterparty: JP Morgan Chase Bank, N.A., as the administrative agent, and lenders from time to time party thereto
Effective: 2023-08-03

Exact text from the filing

On August 3, 2023, certain subsidiaries of Vera Bradley, Inc. (the “Company”), JP Morgan Chase Bank, N.A., as the administrative agent, and lenders from time to time party thereto, entered into a Third Amendment (the “Third Amendment”) to the asset based revolving Credit Agreement (as amended, the “Credit Agreement”) dated September 7, 2018.

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Vera Bradley, Inc. filing history →

Source: SEC EDGAR

accession 0001495320-23-000049

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