LIFETIME BRANDS, INC (LCUT): debt financing — Lifetime Brands amends Term Loan B: $150M extended to August 2027, new SOFR-based pricing

LIFETIME BRANDS, INC

Amended Term Loan B principal reduced to $150M, maturity extended from Feb 2025 to Aug 2027.
Borrowed $48.7M on ABL facility to prepay part of existing term loan; $9M paid for OID & fees.
New interest rate options: ABR + 4.5% (floor 1%) or Adjusted Term SOFR + 5.5% (floor 1%).
New financial covenant: Total Net Leverage Ratio ≤ 5.00:1, measured quarterly from Dec 31, 2023.
Quarterly principal payments begin Mar 31, 2024 at 1.25% of original principal; annual excess cash flow prepayment required.

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

LIFETIME BRANDS, INC amended credit facility of $150.0 million with JPMorgan Chase Bank, N.A. at Adjusted Term SOFR (Term SOFR plus the Term SOFR Adjustment) for the applicable maturing August 26, 2027.

Instrument: credit facility
Principal: $150.0 million
Counterparty: JPMorgan Chase Bank, N.A.
Rate: Adjusted Term SOFR (Term SOFR plus the Term SOFR Adjustment) for the applicable
Maturity: August 26, 2027
Event: amendment

Exact text from the filing

The Amendment, among other things, converted the Company's remaining Tranche B Term Loans to Extended Term Loans in an outstanding principal amount of $150.0 million and with a maturity of August 26, 2027

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

LIFETIME BRANDS, INC amended Amendment No. 2 with JPMorgan Chase Bank, N.A., as Administrative Agent and adding Manufacturers and Traders Trust Company, as syndication agent valued at $150.0 million (effective 2023-11-14).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent and adding Manufacturers and Traders Trust Company, as syndication agent
Value: $150.0 million
Effective: 2023-11-14

Exact text from the filing

On November 14, 2023, Lifetime Brands, Inc. (the “Company”), entered into Amendment No. 2 (the “Amendment”) to amend that certain Loan Agreement, dated as of March 2, 2018, among the Company, as borrower, the other loan parties from time to time party thereto, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent and adding Manufacturers and Traders Trust Company, as syndication agent (the “Term Loan Agreement”).

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Source: SEC EDGAR

accession 0001628280-23-039077

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