LAKELAND INDUSTRIES INC: conclusion of a material definitive agreement, creation of a direct financial obligation or obligation under an off-balance sheet arrangement of a holder, financial statements and exhibits (Form 8-K)


Item 1.01 Conclusion of a Material Definitive Agreement.

At June 18, 2021, Lakeland Industries, Inc. (the “Companyâ€) entered into Addendum 1 to the Loan Agreement (the “Amendmentâ€) with Bank of America, NA. (the “Lenderâ€), which amends certain terms of the Company’s existing loan agreement with the Lender dated June 25, 2020 (the “Loan Agreementâ€). The amendment increases the credit limit under the Senior Secured Revolving Credit Facility of the Loan Agreement $ 12.5 million at $ 25.0 million. The Amendment also modifies the commitment of the Loan Agreement which restricts acquisitions by the Company or its subsidiaries in order to allow, without the prior consent of the Lender, the acquisition of a company or its assets if there is no has no default under the Loan Agreement and the aggregate consideration does not exceed $ 7.5 million for any individual acquisition or $ 15.0 million on a cumulative basis for all these acquisitions.

With the exception of the changes described above, the terms and conditions of the Loan Agreement remain in full force.

The foregoing description of the amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the amendment, a copy of which is attached to this current report on Form 8-K as Exhibit 10.1 and is incorporated herein. by reference. The loan agreement is available in Exhibit 10.1 of the company’s current report on Form 8-K filed with the Security and Trade Commission at June 30, 2020.

A copy of the amendment has been attached as an attachment to this current report on Form 8-K to provide investors with information regarding its terms. It is not intended to provide other factual information about the Company or any of its subsidiaries or affiliates. The declarations, guarantees and commitments contained in the Addendum have been made only for the purposes of these agreements and on the precise date of these agreements; were made solely for the benefit of the parties to such agreements; may be subject to limitations agreed to by the contracting parties, including being qualified by information which may modify, qualify or create exceptions to the representations and warranties set forth in such agreements; may not have been intended as statements of fact, but rather as a method of allocating contractual risks and of governance of contractual rights and the relationships between the parties to such agreements; and may be subject to materiality standards applicable to contracting parties which differ from those applicable to investors. Investors should not rely on any representations, warranties and covenants or any description thereof as characterizations of the actual state of affairs or condition of the Company or any of its subsidiaries or affiliates. . In addition, information regarding the subject matter of representations, warranties and commitments may change after the date of such agreements, such subsequent information may or may not fully reflect the Company’s public disclosures.

Item 2.03 Creation of a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

The information set out in Section 1.01 above is incorporated by reference into this Section 2.03. No amount has been drawn under the revolving credit facility of the Loan Agreement as of the date hereof.

Item 9.01 Financial statements and supporting documents.

(d) Exhibits

Attached is the following exhibit:

Exhibit                                  Description
  10.1       Amendment No. 1 to Loan Agreement, dated as of June 18, 2021, by and
           between Lakeland Industries, Inc. and Bank of America, N.A.
104        Cover Page Interactive Data File - the cover page iXBRL tags are
           embedded within the Inline XBRL document


© Edgar online, source Previews


About Mike Crayton

Check Also

This Week at The Ninth: E-Scooters and Wear |  Morrison & Foerster LLP – Left Coast Appeals

This Week at The Ninth: E-Scooters and Wear | Morrison & Foerster LLP – Left Coast Appeals

This week, the Ninth Circuit is examining whether collecting a city’s location data from e-scooters …

Leave a Reply

Your email address will not be published. Required fields are marked *