|Delayed - 07/23 04:10:00 pm|
BARNES & NOBLE EDUCATION, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)
|04/05/2021 | 04:33pm|
Item 1.01 Entry into a Material Definitive Agreement.
Third Amendment and Waiver to Credit Agreement and First Amendment to Security
Agreement (the "Amendment") to the Credit Agreement, dated as of
(as amended prior to the Amendment, the "Credit Agreement"), among the Company,
as the lead borrower, the other borrowers party thereto, the lenders party
for the lenders.
The Amendment waives the FILO availability test condition to borrowing of the
FILO loan under the credit agreement on
(i) increases the interest rate from the existing rate in the Credit Agreement
by 25 basis points at each level of the existing pricing grid, (ii) institutes a
minimum availability financial covenant at all times while the FILO Loan is
outstanding of no less than the greater of 10% of the aggregate loan cap (which
is the lesser of (a) the aggregate revolver commitment plus the aggregate FILO
commitment under the Credit Agreement and (b) the borrowing base plus the
outstanding FILO loan) and
provision while the FILO loan is outstanding, which requires the Company to pay
down the revolver to the extent cash is in excess of
certain exclusions, (iv) expands the security interest granted to the lenders
party to the Credit Agreement to all assets from the previous current asset
collateral package, (v) prohibits acquisitions and payment of dividends while
the FILO loan is outstanding and (vi) certain other changes set forth in the
The foregoing description is qualified in its entirety by reference to the
Amendment, a copy of which is attached as Exhibit 10.1 and incorporated by
reference in its entirety in this Item 1.01.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information set forth above under Item 1.01 is incorporated by reference.
Item 7.01 Regulation FD Disclosure.
As previously disclosed, in
merchandising partnership with
Fanatics' e-commerce technology and expertise for the operational management of
the emblematic merchandise and gift sections of our campus store websites. FLC
will manage in-store assortment planning and merchandising of emblematic
apparel, headwear, and gift products for our partner campus stores.
of the Company's logo and emblematic general merchandise inventory. The purchase
price represents an estimate of the cost of the Company's inventory being
purchased and is subject to adjustment as inventory positions are reconciled.
The final purchase price for the Company's logo and emblematic general
merchandise inventory will be disclosed in the Company's Annual Report on Form
10-K, to be filed on or around
The information in this Item 7.01 shall not be deemed "filed" for purposes of
Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be
deemed incorporated by reference in any filing under the Securities Act of 1933,
as amended, except as shall be expressly set forth by specific reference in such
This Form 8-K contains certain "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995 and information relating
to us and our business that are based on the beliefs of our management as well
as assumptions made by and information currently available to our management.
When used in this communication, the words "anticipate," "believe," "estimate,"
"expect," "intend," "plan," "will," "forecasts," "projections," and similar
expressions, as they relate to us or our management, identify forward-looking
statements. Moreover, we operate in a very competitive and rapidly changing
environment. New risks emerge from time to time. It is not possible for our
management to predict all risks, nor can we assess the impact of all factors on
our business or the extent to which any factor, or combination of factors, may
cause actual results to differ materially from those contained in any
forward-looking statements we may make. In light of these risks, uncertainties
and assumptions, the future events and trends discussed in this Form 8-K may not
occur and actual results could differ materially and adversely from those
anticipated or implied in the forward-looking statements.
Such statements reflect our current views with respect to future events, the
outcome of which is subject to certain risks, including our ability to
successfully execute the merchandising partnership, as well as those detailed in
the Company's Form 10-K, Form 10-Q and Form 8-K reports and exhibits to those
Should one or more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results or outcomes may vary
materially from those described as anticipated, believed, estimated, expected,
intended or planned. Subsequent written and oral forward-looking statements
attributable to us or persons acting on our behalf are expressly qualified in
their entirety by the cautionary statements in this paragraph. We undertake no
obligation to publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise after the date of
this Form 8-K.
Item 9.01 Financial Statements and Exhibits
Exhibit No. Description
10.1 Third Amendment and Waiver to Credit Agreement and First
Amendment to Security Agreement, dated as of
other borrowers party thereto, the lenders party thereto and
of America, N.A
for the lenders, to the Credit Agreement, dated as of
104 Cover Page Interactive Data File (embedded within the Inline XBRL
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