UNIFI, INC. Enters Material Definitive Agreement

TL;DR

UNIFI signed a big deal, details TBD.

AI Summary

On September 5, 2024, UNIFI, INC. entered into a Material Definitive Agreement. The filing does not provide specific details about the agreement or any associated dollar amounts. The company is incorporated in New York and headquartered in Greensboro, North Carolina.

Why It Matters

This filing indicates a significant new contract or partnership for UNIFI, INC., which could impact its future business operations and financial performance.

Risk Assessment

Risk Level: medium — The lack of specific details in the filing regarding the material definitive agreement introduces uncertainty about its nature and potential impact.

Key Players & Entities

• UNIFI, INC. (company) — Registrant
• September 05, 2024 (date) — Date of earliest event reported
• New York (jurisdiction) — State of Incorporation
• Greensboro, North Carolina (location) — Principal Executive Offices

FAQ

Key Financial Figures

• $0.10 — ch registered Common Stock, par value $0.10 per share UFI New York Stock Exchan
• $230.0 million — rior to the First Amendment, included a $230.0 million senior secured credit facility (the "AB
• $115.0 million — enders. The ABL Facility consisted of a $115.0 million revolving credit facility (the "ABL Rev
• $80.0 million — Revolver Amount from $115.0 million to $80.0 million; (iii) modifies the definition of the T
• $16,500,000 — of determination to the greater of (a) $16,500,000 and (b) 10% of the sum of (i) the Maxim
• $195,000 — ny paid the lenders an aggregate fee of $195,000. On the Effective Date, the ABL Term
• $98.9 million — Term Loan had an outstanding balance of $98.9 million. Certain capitalized terms used but n

Filing Documents

• ufi-20240905.htm (8-K) — 47KB
• ufi-ex4_1.htm (EX-4.1) — 184KB
• 0000950170-24-104410.txt ( ) — 361KB
• ufi-20240905.xsd (EX-101.SCH) — 24KB
• ufi-20240905_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. On September 5, 2024 (the "Effective Date"), Unifi Manufacturing, Inc., a beneficially owned subsidiary of Unifi, Inc. (the "Company"), and certain of its domestic affiliates (collectively, the "Borrowers"), as borrowers, entered into a First Amendment ("First Amendment") to Second Amended and Restated Credit Agreement dated October 28, 2022 (the "Credit Agreement"). The Credit Agreement, prior to the First Amendment, included a $230.0 million senior secured credit facility (the "ABL Facility") with Wells Fargo Bank, National Association ("Wells Fargo"), as administrative agent, sole lead arranger and sole book runner, and Wells Fargo; Bank of America, N.A; and First National Bank, as lenders. The ABL Facility consisted of a $115.0 million revolving credit facility (the "ABL Revolver") and a $115.0 million term loan (the "ABL Term Loan"). The ABL Facility has a maturity date of October 28, 2027. The First Amendment primarily (i) permits the sale of a Company-owned real estate asset (consisting of an industrial warehouse building and land acreage) located in Yadkinville, North Carolina with application of the net proceeds to reduce the outstanding ABL Revolver balance, in lieu of the prescribed mandatory prepayment to the ABL Term Loan; (ii) reduces the Maximum Revolver Amount from $115.0 million to $80.0 million; (iii) modifies the definition of the Trigger Level as of any date of determination to the greater of (a) $16,500,000 and (b) 10% of the sum of (i) the Maximum Revolver Amount plus (ii) the outstanding principal amount of the ABL Term Loan on such date of determination; (iv) increases the range of the Applicable Margin on (a) SOFR-based loans to a new range of 1.50% to 2.00% and (b) Base Rate-based loans to a new range of 0.50% to 1.00%, with such new ranges of Applicable Margin rates becoming immediately effective and continuing until the Company achieves a Fixed Charge Coverage Ratio of 1.05 to 1.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 4.1 First Amendment to Second Amended and Restated Credit Agreement, dated September 5, 2024, by and among Unifi Manufacturing, Inc. and certain of its domestic affiliates, as borrowers, Well Fargo Bank, National Association, as administrative agent, sole lead arranger and sole book runner, and the lenders party thereto. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). The information in this Current Report on Form 8-K, including the exhibits attached hereto, is being furnished and shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in any such filing.

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 hereunto duly authorized. Unifi, Inc. Date: September 6, 2024 By: /s/ ANDREW J. EAKER Andrew J. Eaker Executive Vice President & Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR