Business Context and Reporting Period
Company: Academy Sports & Outdoors, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: March 8, 2024
Event: Entry into a Material Definitive Agreement regarding the amendment of the company's asset-based revolving credit facility.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, or liquidity metrics. The document focuses exclusively on the terms of a credit facility amendment.
Material Changes
On March 8, 2024, Academy, Ltd. (a wholly-owned subsidiary) entered into Amendment No. 4 to its First Amended and Restated ABL Credit Agreement with JPMorgan Chase Bank, N.A. and other lenders. The primary material change is the extension of the maturity date for the Asset-Based Lending (ABL) Credit Facility to March 8, 2029.
Conditions for Maturity Date: The March 8, 2029 maturity is subject to conditions regarding the outstanding principal of the 2027 Senior Notes and Term Loans 91 days prior to their earliest maturity date:
- If more than $100 million of such debt is outstanding, the facility matures on March 8, 2029.
- If $100 million or less is outstanding and a Reserve has not been taken for such amount, the facility maturity date will be 91 days earlier than the earlier maturity date of the 2027 Senior Notes and Term Loans.
Guidance, Outlook, and Risks
The filing contains no management guidance, financial outlook, or discussion of general business risks. The document notes that the description of the agreement is not complete and is qualified by the full text of the ABL Amendment attached as Exhibit 10.1.
Investor Verification Checklist
- Verify the full text of Exhibit 10.1 (Amendment No. 4) for detailed covenants and financial maintenance requirements.
- Confirm the current outstanding principal amounts of the 2027 Senior Notes and Term Loans to determine if the conditional maturity date applies.
- Review the definition of the Reserve within the ABL Amendment to understand the trigger for the alternative maturity date.
- Check subsequent filings for any changes to the credit facility status or additional amendments.