Tilly's subsidiary enters new $65M credit facility with Wells Fargo, replacing $25M prior

TILLY'S, INC.

New $65M asset-based revolving credit facility matures April 27, 2026.
No borrowings outstanding at closing; $2.025M letter of credit transferred.
Cash dividend and stock repurchase prohibited through first anniversary, then allowed with conditions.
Initial borrowing base set at $25M until completion of collateral audit.

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

TILLY'S, INC. terminated Prior Credit Agreement with Wells Fargo Bank, National Association valued at $25.0 million (effective 2023-04-27).

Action: termination
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Value: $25.0 million
Effective: 2023-04-27

Exact text from the filing

”), World of Jeans & Tops, a California corporation (“ WOJT ”) and wholly-owned subsidiary of Tilly’s, Inc., a Delaware corporation (the “ Company ”), as borrower, and the Company, as guarantor, entered into a credit agreement (the “ Credit Agreement ”) with Wells Fargo Bank, National Association, as lender, administrative agent and collateral agent (the “ Agent ”).

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

TILLY'S, INC. entered into Credit Agreement with Wells Fargo Bank, National Association valued at $65.0 million (effective 2023-04-27).

Action: entry
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Value: $65.0 million
Effective: 2023-04-27

Exact text from the filing

On April 27, 2023 (the “ Closing Date ”), World of Jeans & Tops, a California corporation (“ WOJT ”) and wholly-owned subsidiary of Tilly’s, Inc., a Delaware corporation (the “ Company ”), as borrower, and the Company, as guarantor, entered into a credit agreement (the “ Credit Agreement ”) with Wells Fargo Bank, National Association, as lender, administrative agent and collateral agent (the “ Agent ”).

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TILLY'S, INC. filing history →

Source: SEC EDGAR

accession 0001628280-23-014214

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