Kirkland’s (KIRK) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Kirkland’s, Inc. entered into a $12 million FILO Credit Agreement with Gordon Brothers Group on January 25, 2024. This loan is subordinate to an existing $90 million credit facility with Bank of America, and requires a minimum $5 million draw by April 1, 2024, to avoid termination. The FILO Loan matures on March 31, 2028, and has an interest rate based on one-month Term SOFR plus a margin, which will increase after a year or two depending on certain conditions. The agreement includes customary defaults and the borrowing capacity is based on a percentage of eligible assets.
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