UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
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Item 1.01 Entry into a Material Definitive Agreement.
The information set forth in Item 2.03 of this Form 8-K is incorporated by reference in its entirety into this Item 1.01.
Item 2.03 Creation of a Direct Financial Obligation.
On September 28, 2023, Weyco Group, Inc. (the “Company”) entered into the Third Amendment to Credit Agreement and the Third Amended and Restated Revolving Loan Note (collectively referred to as “Third Amendment”), amending its revolving credit facility dated as of November 4, 2020, with Associated Bank, National Association, restated as of September 28, 2022 (as amended by the Third Amendment, the “Amended Credit Agreement”). The Third Amendment extends the maturity of the credit facility to September 28, 2024, and has a maximum available borrowing limit of $40.0 million. Under the terms of the Amended Credit Agreement, amounts outstanding bear interest at the one-month term secured overnight financing rate (“SOFR”) plus 125 basis points. The Amended Credit Agreement is secured by a security interest in Company’s general business assets, and contains customary representations, warranties, and covenants (including a minimum tangible net worth financial covenant) for a facility of this type. The foregoing description of the Third Amendment does not purport to be complete and is qualified in its entirety by reference to the Third Amendment to Credit Agreement and the Third Amended and Restated Revolving Loan Note dated September 28, 2023, which are filed as Exhibits 10.9 and 10.10, respectively, to this Form 8-K.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
10.9 - Third Amendment to Credit Agreement, dated as of September 28, 2023
10.10 - Third Amended and Restated Revolving Loan Note, dated September 28, 2023
104 - Cover Page Interactive Data File (embedded within the Inline XBRL document)
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Signature
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: September 29, 2023 | WEYCO GROUP, INC. |
/s/ Judy Anderson | |
Judy Anderson | |
Vice President, Chief Financial Officer and Secretary |