La-Z-Boy Incorporated

07/02/2025 | Press release | Distributed by Public on 07/02/2025 14:12

Material Agreement, Financial Obligation (Form 8-K)

Item 1.01 Entry into a Material Definitive Agreement.
On July 1, 2025, La-Z-Boy Incorporated (the "Company"), entered into the Second Amendment to Credit Agreement (the "Credit Agreement Amendment"). The Credit Agreement Amendment, among other things, (i) extends the maturity date of the Credit Facility (as defined below) from October 15, 2026 to July 1, 2030, (ii) increases the accordion basket for additional incremental loans (subject to certain conditions) from $100 million to $125 million, (iii) removes the SOFR credit spread adjustment, and (iv) decreases the consolidated fixed charge coverage ratio required to be satisfied under the Company's financial covenant from 1.75 to 1.00 to 1.50 to 1.00.
The Credit Agreement Amendment amends that certain Credit Agreement, dated October 15, 2021, as amended, with Wells Fargo Bank, National Association, as administrative agent, the other agents and lenders named therein and the other parties thereto (the "Credit Agreement"). The Credit Agreement provides for a revolving credit facility (the "Credit Facility") in an aggregate principal amount of $200 million, which includes a $50 million letter of credit sub-limit.
The foregoing description of the Credit Agreement Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Credit Agreement Amendment, a copy of which is filed as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated herein by reference. Capitalized terms not defined herein shall have the meanings assigned to them in the Credit Agreement Amendment.
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 herein by reference.
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