Savers Value Village Terminates Agreement, Enters New Obligation

TL;DR

SVV terminated a deal and signed a new financial obligation. Big changes ahead.

AI Summary

Savers Value Village, Inc. announced on September 18, 2025, the termination of a material definitive agreement and entered into a new direct financial obligation. The company, formerly known as S-Evergreen Holding LLC, is incorporated in Delaware and headquartered in Bellevue, WA.

Why It Matters

This filing indicates a significant change in Savers Value Village's contractual and financial arrangements, which could impact its operations and financial health.

Risk Assessment

Risk Level: medium — The termination of a material agreement and the creation of a new financial obligation suggest potential shifts in the company's strategic direction or financial stability.

Key Players & Entities

• Savers Value Village, Inc. (company) — Registrant
• S-Evergreen Holding LLC (company) — Former Company Name
• September 18, 2025 (date) — Date of earliest event reported
• September 19, 2025 (date) — Filing Date

FAQ

Key Financial Figures

• $0.000001 — ch registered Common stock, par value $0.000001 SVV The New York Stock Exchange Indic
• $750.0 million — ). The Credit Agreement provides for a $750.0 million term loan facility (the " Term Loan Fac
• $180.0 million — cility (the " Term Loan Facility ") and $180.0 million of revolving credit commitments (the "
• $180.0 m — under the Revolving Credit Facility is $180.0 million, with $75.0 million available for
• $75.0 million — Credit Facility is $180.0 million, with $75.0 million available for letters of credit and a s
• $25.0 million — s of credit and a swingline sublimit of $25.0 million. Revolving loan draws are permitted in
• $313.3 million — al facility equal to (a) the greater of $313.3 million and 1.0 times our EBITDA plus unused am
• $401 million — Issuers redeemed all of the outstanding $401 million aggregate principal amount of the Exist

Filing Documents

• svv-20250918.htm (8-K) — 39KB
• savers-creditagreement2025.htm (EX-10.1) — 2377KB
• 0001883313-25-000092.txt ( ) — 2931KB
• svv-20250918.xsd (EX-101.SCH) — 2KB
• svv-20250918_lab.xml (EX-101.LAB) — 21KB
• svv-20250918_pre.xml (EX-101.PRE) — 12KB
• svv-20250918_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On September 18, 2025, (the " Closing Date "), our subsidiaries Evergreen AcqCo 1 LP (the " US Borrower "), Value Village Canada Inc. (the " Canadian Borrower " and, together with the US Borrower, the " Borrowers "), Evergreen AcqCo GP LLC and S-Evergreen Holding Corp. (collectively, the " Loan Parties ") entered into a Credit Agreement with Jefferies Finance LLC, as administrative agent and collateral agent, PNC Bank, National Association, as revolving agent, and the lenders party thereto (the " Credit Agreement "). The Credit Agreement provides for a $750.0 million term loan facility (the " Term Loan Facility ") and $180.0 million of revolving credit commitments (the " Revolving Credit Facility " and, together with the Term Loan Facility, the " Senior Credit Facilities "). The proceeds of the Term Loan Facility were used, in part, to repay or redeem all outstanding obligations under (i) the Credit Agreement, dated as of April 26, 2021 (as amended), by and among the Loan Parties, KKR Loan Administration Services LLC, as administrative agent and collateral agent, PNC Bank, National Association, as revolving agent, and the lenders party thereto (the " Existing Credit Agreement ") and (ii) the Indenture, dated as of February 6, 2023, among Evergreen AcqCo 1 LP (the " Issuer "), TVI, Inc. as co-issuer (the " Co-issuer " and, together with the Issuer, the " Issuers "), the guarantors party thereto from time to time and Wilmington Trust, National Association, as trustee and as notes collateral agent governing the 9.750% Senior Secured Notes due 2028 (the " Existing Notes "). Our principal subsidiaries in the United States and Canada are borrowers under the Senior Secured Credit Facilities, and most of our U.S. and Canadian subsidiaries are guarantors. The Senior Secured Credit Facilities are secured by a first-priority lien on substantially all assets of the borrowers and guarantors, subject to certain exceptions.

02. Termination of a Material Definitive Agreement

Item 1.02. Termination of a Material Definitive Agreement. Termination of the Existing Credit Agreement On the Closing Date, the Loan Parties terminated and repaid in full all outstanding obligations due under the Existing Credit Agreement. No early termination penalties or prepayment premium were incurred by the Loan Parties in connection with the termination of the Existing Credit Agreement. Redemption of the Existing Notes On the Closing Date, the Issuers redeemed all of the outstanding $401 million aggregate principal amount of the Existing Notes at a redemption price equal to 104.875% of the principal amount of the Existing Notes plus accrued and unpaid interest thereon through but not including September 18, 2025. 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 into this Item 2.03 by reference.

01 - Financial Statements and Exhibits

Item 9.01 - Financial Statements and Exhibits. (d) Exhibit s Exhibit Number Description 10.1 Credit Agreement, dated September 18, 2025, by and among, Evergreen AcqCo 1 LP, Value Village Canada Inc., Evergreen AcqCo GP LLC, S-Evergreen Holding Corp., Jefferies Finance LLC, as administrative agent and collateral agent, PNC Bank, National Association, as revolving agent, and the lenders party thereto* 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Certain annexes and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby undertakes to furnish supplemental copies of any of the omitted annexes and schedules upon request by the SEC; provided, however, that the registrant may request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934 for any annexes or schedules so furnished.

SIGNATURES

SIGNATURES 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 thereunto duly authorized. SAVERS VALUE VILLAGE, INC. Date: September 19, 2025 By: /s/ Richard Medway Name: Richard Medway Title: General Counsel, Chief Compliance Officer, Chief Sustainability Officer and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR