Weyco Group Enters Material Definitive Agreement

TL;DR

Weyco Group just signed a big deal, creating a new financial obligation. Details inside.

AI Summary

Weyco Group, Inc. entered into a material definitive agreement on September 27, 2024, related to a direct financial obligation. The filing details the creation of this obligation under an off-balance sheet arrangement. Specific details regarding the nature of the agreement and the financial obligation are provided within the filing.

Why It Matters

This filing indicates a significant new financial commitment or obligation for Weyco Group, which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — Entering into material definitive agreements and creating financial obligations can introduce new risks related to the terms of the agreement and the company's ability to meet its obligations.

Key Players & Entities

• WEYCO GROUP INC (company) — Registrant
• September 27, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $1.00 — ge on which registered Common Stock - $1.00 par value per share WEYS The Nasdaq
• $40.0 million — a maximum available borrowing limit of $40.0 million and amounts outstanding bear interest a

Filing Documents

• weys-20240927x8k.htm (8-K) — 36KB
• weys-20240927xex10d1.htm (EX-10.1) — 8KB
• weys-20240927xex10d1g001.jpg (GRAPHIC) — 245KB
• weys-20240927xex10d1g002.jpg (GRAPHIC) — 147KB
• weys-20240927xex10d1g003.jpg (GRAPHIC) — 33KB
• weys-20240927xex10d1g004.jpg (GRAPHIC) — 24KB
• 0001558370-24-013116.txt ( ) — 777KB
• weys-20240927.xsd (EX-101.SCH) — 4KB
• weys-20240927_def.xml (EX-101.DEF) — 3KB
• weys-20240927_lab.xml (EX-101.LAB) — 17KB
• weys-20240927_pre.xml (EX-101.PRE) — 11KB
• weys-20240927x8k_htm.xml (XML) — 5KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. The information set forth in Item 2.03 of this Current Report on Form 8-K is incorporated by reference in its entirety into this Item 1.01.

03 Creation of a Direct Financial Obligation

Item 2.03 Creation of a Direct Financial Obligation. On September 27, 2024, Weyco Group, Inc. (the "Company") entered into the Fourth Amendment to Credit Agreement ("Fourth Amendment") amending its revolving credit facility dated as of November 4, 2020, with Associated Bank, National Association (as amended to date, the "Amended Credit Agreement"). The Fourth Amendment extends the maturity of the revolving credit facility to September 26, 2025. There are no other amendments to the Amended Credit Agreement pursuant to the Fourth Amendment. Under the terms of the Amended Credit Agreement, there is a maximum available borrowing limit of $40.0 million and amounts outstanding bear interest at the one-month term secured overnight financing rate ("SOFR") plus 125 basis points. The Amended Credit Agreement is secured by a security interest in Company's general business assets, and contains customary representations, warranties, and covenants (including a minimum tangible net worth financial covenant) for a facility of this type. The foregoing description of the Fourth Amendment does not purport to be complete and is qualified in its entirety by reference to the Fourth Amendment to Credit Agreement dated September 27, 2024, which is filed as Exhibit 10.1 to this Form 8-K.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits 10.1 - Fourth Amendment to Credit Agreement, dated as of September 27, 2024 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: October 1, 2024 WEYCO GROUP, INC. /s/ Judy Anderson Judy Anderson Vice President, Chief Financial Officer and Secretary

View Full Filing

View this 8-K filing on SEC EDGAR