ITEM 1.01. ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.
On
The senior secured credit facility allows the Company, upon satisfaction of certain conditions, to request an increase to the aggregate commitments under the facility from$1.6 billion to$2.1 billion , subject to existing or new lenders agreeing to provide additional revolving commitments. The amendment increased the aggregate commitments under the senior secured credit facility by approximately$255 million , to approximately$1.855 billion . The availability of the commitments is subject to conditions and borrowing base limitations, which may fluctuate. The amendment also increased the applicable margins on base rate loans and LIBOR rate loans to the highest level under the existing pricing grid, 0.375% and 1.375%, respectively, until the Company elects to lower the aggregate commitments under the senior secured credit facility so that they no longer exceed$1.6 billion , and made other modifications, including introducing a LIBOR "floor" of 0.75% for purposes of calculating the interest rate on LIBOR based loans and modifying the borrowing base definition so that certain junior liens do not automatically disqualify eligible receivables and inventory from inclusion in the borrowing base. After giving effect to the amendment, the senior secured credit facility allows the Company, upon the satisfaction of certain conditions, to request an increase of up to approximately$245 million in additional borrowing availability, subject to existing or new lenders agreeing to provide additional revolving commitments. The foregoing description of the amendment and the senior secured credit facility is qualified in its entirety by reference to the full and complete terms of the amendment which is included as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference and to the full and complete terms of the senior secured credit facility and its prior amendments, all of which were included as exhibits to the Company's Annual Report on Form 10-K filed onMarch 20, 2020 .
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 in Item 1.01 is incorporated herein by reference into this Item 2.03.
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits.
The following exhibit is being furnished pursuant to Item 601 of Regulation S-K and General Instruction B.2 to this Form 8-K:
Exhibit No. Description 10.1 Fifth Amendment to the Amended and Restated
Credit Agreement, dated as of
March 27, 2020 , among Dick's Sporting Goods,
Inc. and Dick's Merchandising
&Supply Chain, Inc. , as borrowers, the
guarantors party thereto, Wells
FargoBank, National Association , as
administrative agent, collateral
agent, letter of credit issuer and swing line
lender, and the lenders party
thereto.
--------------------------------------------------------------------------------
© Edgar Online, source