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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ftd Companies, Inc. | NASDAQ:FTD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.174 | 0.1706 | 0.174 | 0 | 01:00:00 |
Delaware
|
|
001-35901
|
|
32-0255852
|
(State or Other jurisdiction
of Incorporation)
|
|
(Commission
File Number)
|
|
(I.R.S. Employer
Identification No.)
|
Item 1.01
|
Entry into a Material Definitive Agreement.
|
•
|
the Borrowers’ combined usage under the revolving credit facility portion of the Credit Agreement will be restricted to (1) $150 million during the period from May 31, 2018 through and including September 30, 2018; (2) $155 million during the period October 1, 2018 through and including October 31, 2018; (3) $175 million during the period November 1, 2018 through and including December 31, 2018; and (4) $150 million from January 1, 2019 through the September 19, 2019 maturity date, all subject to the Company’s obligation to make mandatory prepayments of the term loan portion of the Credit Agreement, as amended, with the net cash proceeds from certain Designated Asset Sales (as defined in the Amendment), if any such asset sales take place;
|
•
|
the consolidated net leverage and fixed charge coverage ratio covenants under the Credit Agreement, as amended, are set forth below, with the Amendment modifying the measurement dates such that the next measurement date for the consolidated net leverage and fixed charge coverage ratios has been changed to the twelve month period ending October 31, 2018, from the four fiscal quarter period ending September 30, 2018, and the specific required ratio levels otherwise unchanged:
|
Period
|
Consolidated Net Leverage Ratio
|
Fixed Charge Coverage Ratio
|
Twelve month period ending October 31, 2018
|
6.25x
|
0.70x
|
Four fiscal quarter period ending December 31, 2018
|
3.75x
|
1.10x
|
Four fiscal quarter period ending March 31, 2019
|
2.75x
|
1.35x
|
Four fiscal quarter period ending June 30, 2019
|
2.50x
|
1.65x
|
Four fiscal quarter period ending September 19, 2019
|
3.50x
|
1.75x
|
•
|
beginning September 28, 2018, the Company will be required to pay a fee to each Revolver Lender (as defined in the Credit Agreement) with any Revolving B Commitments (as defined in the Credit Agreement and based on amounts available to be drawn under applicable usage restrictions), equal to the product of (i) 2.50% per annum times (ii) the actual daily amount of the Aggregate Revolving B Loans (as defined in the Credit Agreement), with such fee payable quarterly in arrears; and
|
•
|
beginning September 28, 2018, the Company will be subject to certain additional restrictions on capital expenditures.
|
Exhibit
|
Description
|
Fourth Amendment to Credit Agreement, dated September 28, 2018
|
|
FTD COMPANIES, INC.
|
|||
Dated:
|
September 28, 2018
|
By:
|
/s/ Scott Levin
|
|
|
|
Name:
|
Scott Levin
|
|
|
|
Title:
|
Interim President and Chief Executive Officer
|
1 Year FTD Companies, Inc. Chart |
1 Month FTD Companies, Inc. Chart |
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