Lifetime Brands ups ABL facility to $200 million, extends maturity

By Marisa Wong

Los Angeles, Aug. 29 – Lifetime Brands, Inc. entered into a second amendment on Aug. 26 to its credit agreement dated March 2, 2018 to increase the lenders’ aggregate commitments under the ABL credit agreement to $200 million from $150 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also extends the ABL facility’s maturity to Aug. 26, 2027 from March 2, 2023, subject to an earlier springing maturity date that is 90 days prior to the term loan maturity date of Feb. 28, 2025 if the company’s term loan has not been repaid or refinanced by that date.

In addition, the amendment replaces Libor with SOFR as a benchmark for borrowings denominated in U.S. dollars, Sonia as a benchmark for borrowings denominated in pounds sterling and Euribor as a benchmark for borrowings denominated in euros.

JPMorgan Chase Bank, NA is administrative agent and a lender; HSBC Bank USA, NA and Wells Fargo Bank, NA are co-documentation agents and lenders; and Manufacturers and Traders Trust Co. is a lender.

Lifetime Brands is a Garden City, N.Y.-based designer, developer and marketer of kitchenware, tabletop and home decor products.

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