Lulu's Fashion Lounge Enters Material Definitive Agreement

TL;DR

Lulu's Fashion Lounge just signed a big financial deal, filing an 8-K on it.

AI Summary

Lulu's Fashion Lounge Holdings, Inc. entered into a material definitive agreement on July 22, 2024, related to a direct financial obligation. The company, incorporated in Delaware, filed an 8-K report detailing this agreement and its financial implications.

Why It Matters

This filing indicates a significant financial commitment or obligation for Lulu's Fashion Lounge, which could impact its financial health and future operations.

Risk Assessment

Risk Level: medium — Entering into new financial obligations can introduce risks related to repayment, interest rates, and overall financial stability.

Key Numbers

• 001-41059 — SEC File Number (Identifies the company's filing with the SEC.)
• 20-8442468 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• Lulu's Fashion Lounge Holdings, Inc. (company) — Registrant
• July 22, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of Incorporation
• 195 Humboldt Avenue Chico, California 95928 (address) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share LVLU The Nasdaq
• $15.0 million — (as defined in the Credit Agreement) to $15.0 million from $50.0 million, as of July 22, 2024
• $50.0 m — Credit Agreement) to $15.0 million from $50.0 million, as of July 22, 2024 (the "Effect
• $10.0 million — her reduces the Revolving Commitment to $10.0 million on March 31, 2025. Additionally, the Am
• $5.0 million — educed the Letter of Credit Sublimit to $5.0 million from $7.5 million. Under the Amendment,
• $7.5 million — of Credit Sublimit to $5.0 million from $7.5 million. Under the Amendment, the Company can i
• $10.0 m — the aggregate amount of the facility by $10.0 million, reduced from $25.0 million, subj
• $25.0 m — facility by $10.0 million, reduced from $25.0 million, subject to the satisfaction of c

Filing Documents

• tmb-20240722x8k.htm (8-K) — 36KB
• tmb-20240722xex10d1.htm (EX-10.1) — 1639KB
• tmb-20240722x8k003.jpg (GRAPHIC) — 2KB
• 0001558370-24-010190.txt ( ) — 2082KB
• tmb-20240722.xsd (EX-101.SCH) — 3KB
• tmb-20240722_lab.xml (EX-101.LAB) — 16KB
• tmb-20240722_pre.xml (EX-101.PRE) — 10KB
• tmb-20240722x8k_htm.xml (XML) — 5KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On July 22, 2024, the wholly-owned subsidiaries of Lulu's Fashion Lounge Holdings, Inc. (the "Company") entered into the First Amendment to the Credit Agreement among Lulu's Fashion Lounge, LLC, Lulu's Fashion Lounge Parent, LLC, certain subsidiaries and Bank of America, N.A. (the "Amendment"), dated as of November 15, 2021, originally entered into to provide for a revolving credit facility (the "Credit Agreement"). Capitalized terms used without definition are as defined in the Amendment. The Amendment provides for a nine-month extension of the maturity date to August 15, 2025. The Amendment also reduced the Revolving Commitment (as defined in the Credit Agreement) to $15.0 million from $50.0 million, as of July 22, 2024 (the "Effective Date") and further reduces the Revolving Commitment to $10.0 million on March 31, 2025. Additionally, the Amendment reduced the Letter of Credit Sublimit to $5.0 million from $7.5 million. Under the Amendment, the Company can increase the aggregate amount of the facility by $10.0 million, reduced from $25.0 million, subject to the satisfaction of certain conditions under the Credit Agreement. The Amendment revised the applicable interest rates for borrowings for the period commencing on the Effective Date through (but excluding) November 15, 2024 as follows: the Base Rate Loan increased from 0.75% to 1.25%, and the Term Secured Overnight Financing Rate ("SOFR") Loan and Letter of Credit Fees each increased from 1.75% to 2.25%. From and after November 15, 2024, the Base Rate Loan will increase to 2.25% and the Term SOFR Loan and the Letter of Credit Fees will each increase to 3.25%. Additionally, the Amendment reduced the SOFR credit spread adjustment to 0.10%, which previously ranged from 0.11448% to 0.71513% depending on the SOFR tenor. The Amendment also added and modified certain financial covenants. All other terms governing the Amendment remain substantially consiste

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits . (d) Exhibits The following exhibits are furnished herewith: Exhibit Number Description 10.1 First Amendment to Credit Agreement, dated as of July 22, 2024, among Lulu's Fashion Lounge, LLC, Lulu's Fashion Lounge Parent, LLC, certain subsidiaries and Bank of America, N.A. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 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: July 25, 2024 Lulu's Fashion Lounge Holdings, Inc. By: /s/ Crystal Landsem Crystal Landsem Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR