La-Z-Boy Extends Credit Facility to 2030 and Increases Loan Capacity in Amended Agreement with <a href="https://laohu8.com/S/EOD">Wells Fargo</a>
La-Z-Boy Incorporated has announced an amendment to its existing credit agreement with Wells Fargo Bank and other financial institutions. The Second Amendment to the Credit Agreement, effective July 1, 2025, extends the maturity date of the credit facility from October 15, 2026, to July 1, 2030. The amendment also increases the accordion basket for additional incremental loans from $100 million to $125 million, removes the SOFR credit spread adjustment, and decreases the required consolidated fixed charge coverage ratio from 1.75 to 1.00 to 1.50 to 1.00. This amendment follows the original Credit Agreement established on October 15, 2021, and ensures continued financial flexibility for La-Z-Boy with a revolving credit facility of $200 million, including a $50 million letter of credit sub-limit.
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