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Franchise Group, Inc. – ‘8-K’ for 8/22/22

On:  Tuesday, 8/23/22, at 4:01pm ET   ·   For:  8/22/22   ·   Accession #:  1171843-22-5798   ·   File #:  1-35588

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/23/22  Franchise Group, Inc.             8-K:1,2,9   8/22/22   12:2.3M                                   Globenewswire Inc./FA

Current Report   —   Form 8-K

Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     31K 
 2: EX-10.1     Material Contract                                   HTML   1.69M 
 7: R1          Cover                                               HTML     50K 
10: XML         IDEA XML File -- Filing Summary                      XML     12K 
 8: XML         XBRL Instance -- f8k_082222_htm                      XML     20K 
 9: EXCEL       IDEA Workbook of Financial Reports                  XLSX      8K 
 4: EX-101.DEF  XBRL Definitions -- frg-20220822_def                 XML     73K 
 5: EX-101.LAB  XBRL Labels -- frg-20220822_lab                      XML    103K 
 6: EX-101.PRE  XBRL Presentations -- frg-20220822_pre               XML     70K 
 3: EX-101.SCH  XBRL Schema -- frg-20220822                          XSD     15K 
11: JSON        XBRL Instance as JSON Data -- MetaLinks               27±    35K 
12: ZIP         XBRL Zipped Folder -- 0001171843-22-005798-xbrl      Zip    397K 


‘8-K’   —   Current Report


This is an HTML Document rendered as filed.  [ Alternative Formats ]



 iX:   C:   C:   C:   C:   C:   C:   C:   C: 
 i 0001528930  i false 0001528930 2022-08-22 2022-08-22 0001528930 frg:CommonStock0.01ParValueMember 2022-08-22 2022-08-22 0001528930 frg:Sec7.50SeriesCumulativePerpetualPreferredStockParValue0.01PerShareAndLiquidationPreferenceOf25.00PerShareMember 2022-08-22 2022-08-22 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM  i 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):  i August 22, 2022

 

 i Franchise Group, Inc.

(Exact name of registrant as specified in its charter)

 

 i Delaware  i 001-35588  i 27-3561876
(State or Other Jurisdiction of Incorporation) (Commission File Number) (IRS Employer Identification No.)

 

 i 109 Innovation Court,  i Suite J

 i Delaware,  i Ohio  i 43015

(Address of Principal Executive Offices) (ZIP Code)

 

 i (740)  i 363-2222

(Registrant’s telephone number, including area code)

 

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 (see General Instruction A.2. below):

 

 i  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 i  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 i  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 i  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Exchange Act:

 

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

 i Common Stock, $0.01 par value  i FRG  i NASDAQ Global Market
 i 7.50% Series A Cumulative Perpetual Preferred Stock, par value $0.01 per share and liquidation preference of $25.00 per share  i FRGAP  i NASDAQ Global Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  i 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 C: 

 

 

Item 1.01. Entry into a Material Definitive Agreement.

 

On August 22, 2022, Franchise Group, Inc. (the “Company”), Valor Acquisition, LLC, (together with its subsidiaries that are also borrowers, the “TVS Borrowers”), Franchise Group Newco Intermediate AF, LLC (together with its subsidiaries that are also borrowers, the “AFG Borrowers”), Franchise Group Newco PSP, LLC (together with its subsidiaries that are also borrowers, the “PSP Borrowers”) and W.S. Badcock Corporation (“Badcock Borrower” and, together with the Company, the TVS Borrowers, the AFG Borrowers and the PSP Borrowers, the “ABL Borrowers”) entered into the Third Amendment (the “ABL Amendment”) to the Third Amended and Restated Loan and Security Agreement (as amended, the “FRG ABL Revolver Agreement” and the senior secured revolving loan facility thereunder, the “ABL Revolver”) by and among the ABL Borrowers, the guarantors from time to time party thereto (together with the ABL Borrowers, the “ABL Loan Parties”), the lenders and issuing bank from time to time party thereto and JPMorgan Chase Bank, N.A., as agent (the “ABL Agent”). The ABL Amendment amends the FRG ABL Revolver Agreement to, among other things, increase the revolving credit facility commitments to $400,000,000, amend the terms of the borrowing base and provide for the inclusion of certain types of inventory to the borrowing base, and make certain other changes to reflect the increase in the revolving credit facility commitments and the addition of the Badcock Borrower to the ABL Loan Parties.

 

The description of the ABL Amendment is qualified in its entirety by reference to the text of the document that is attached as Exhibit 10.1 to this Current Report on Form 8-K.

 

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

 

The information contained in "Item 1.01 Entry into a Material Definitive Agreement" is incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

d) Exhibits.

 

Exhibit
No.
  Description
     
10.1   Third Amendment to the Third Amended and Restated Loan and Security Agreement by and among the ABL Loan Parties, the lenders and issuing bank from time to time party thereto, and JPMorgan Chase Bank, N.A., as agent*
     
104   Cover Page Interactive Data File (embedded within Inline XBRL document)

 

* All exhibits and schedules other than Exhibit A to the ABL Amendment have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company will furnish the omitted schedules and exhibits to the SEC upon request by the SEC; provided, however, that the Company reserves the right to request confidential treatment pursuant to Rule 24b-2 of the Securities Exchange Act of 1934, as amended, for any exhibit so furnished.

 

 C: 

 

 

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.

 

 

 

FRANCHISE GROUP, INC.

 

   
Date: August 23, 2022 By: /s/ Eric Seeton
  Name: Eric Seeton
  Title: Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 C: 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
Filed on:8/23/22None on these Dates
For Period end:8/22/22
 List all Filings 


2 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 2/28/23  Franchise Group, Inc.             10-K       12/31/22  108:16M
11/03/22  Franchise Group, Inc.             10-Q        9/24/22   62:8.7M
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