- Current report filing (8-K)
October 04 2010 - 12:05PM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date of Report (date of earliest event reported):
September 30, 2010
CROCS, INC.
(Exact name of Registrant as Specified in its Charter)
Delaware
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0-51754
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20-2164234
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(State or Other
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(Commission
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(I.R.S. Employer
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Jurisdiction
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File Number)
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Identification No.)
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of Incorporation)
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6328 Monarch Park Place
Niwot, Colorado
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80503
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(Address of Principal Executive Offices)
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(Zip Code)
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Registrants telephone number, including area code:
(303) 848-7000
Not Applicable
(Former name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
o
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
Item
1.01.
Entry into a Material Definitive Agreement.
On
September 30, 2010, Crocs, Inc. (the Company), its subsidiaries,
Crocs Retail, Inc., Crocs Online, Inc., Ocean Minded, Inc.,
Jibbitz, LLC and Bite, Inc. (collectively with the Company, the Borrowers),
and PNC Bank, National Association, entered into the Second Amendment to
Revolving Credit and Security Agreement (the Second Amendment) to amend
certain provisions of the Revolving Credit and Security Agreement dated as of
September 25, 2009 and amended as of October 14, 2009 (the Credit
Agreement).
The
Second Amendment, among other things, (i) extends the maturity date from September 24,
2012 to September 24, 2014, (ii) decreases the revolving interest
rate by 0.5% for both domestic and Eurodollar rate loans, (iii) removes
the interest rate floor on Eurodollar rate loans, (iv) increases the
sublimit for borrowings against the Borrowers eligible inventory from $17.5
million to $20 million, (v) increases the letter of credit sublimit from
$4 million to $10 million, (vi) decreases letter of credit fees from 3.5%
to 2.5%, and (vii) amends certain restrictive covenants and events of
default to be more favorable to the Borrowers.
The
foregoing summary does not purport to be complete and is subject to, and
qualified in its entirety by, the full text of the Second Amendment, which is
filed with this Current Report on Form 8-K as Exhibit 10.1 and is
incorporated herein by reference.
Item
9.01.
Financial Statements and Exhibits.
(d)
Exhibits.
Exhibit No.
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Description
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10.1
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Second
Amendment to Revolving Credit And Security Agreement, dated as of September 30,
2010, by and among Crocs, Inc., Crocs Retail, Inc., Crocs
Online, Inc., Ocean Minded, Inc., Jibbitz, LLC, Bite, Inc. and
PNC Bank, National Association.
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2
SIGNATURES
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.
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CROCS, INC.
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Date:
September 30, 2010
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By:
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/s/
Russell C. Hammer
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Russell
C. Hammer,
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Chief
Financial Officer, Senior Vice
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President
- Finance and Treasurer
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3
EXHIBIT INDEX
Exhibit No.
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Description
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10.1
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Second
Amendment to Revolving Credit And Security Agreement, dated as of September 30,
2010, by and among Crocs, Inc., Crocs Retail, Inc., Crocs
Online, Inc., Ocean Minded, Inc., Jibbitz, LLC, Bite, Inc. and
PNC Bank, National Association.
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4
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