Performance Sports Group (PSG) Announces Amendments With Lenders Extending 10-K Deadline; Announces Retention of Centerview Partners
- Netflix, Inc. (NFLX) Tops Q4 EPS by 1c; Subs Beat Views
- S&P 500 ends up slightly with boost from financials; Netflix up late
- Nestle Said Examining Takeover of Mead Johnson (MJN) - Source
- La Quinta Holdings (LQ) Gains on Plan to Split in Two
- After-Hours Stock Movers 01/18: (OCLR) (CSX) (NFLX) Higher; (AMDA) (RCII) (ZYNE) Lower (more...)
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
Performance Sports Group Ltd. (NYSE: PSG) today announced that it has executed amendments to its asset-backed revolving credit facility and secured term-loan credit facility that provide the Company with, among other things, a 60-day extension to file its Annual Report on Form 10-K, including its annual audited financial statements for the fiscal year ended May 31, 2016 and the related management's discussion and analysis (collectively, the "Annual Filings"). As a result of the amendments, the Annual Filings and the Company's first quarter filings must be filed or provided to the lenders by October 28, 2016.
- Company Continues to Have Ability to Borrow Under Its Revolving Credit Facility to Fund Operations; Announces Retention of Centerview Partners LLC to Assist in Review of Strategic Alternatives; Files Application for Management Cease Trade Order in Canada
The amendments also grant the Company with continued access to borrowings under its revolving credit facility, which provides it with liquidity to fund operations as the Company continues to operate its business and serve its customers in the ordinary course.
The Company has agreed to increase the applicable margin by 1.5% (of which 1% is payable in kind) under the term loan credit facility and by 0.5% under the revolving credit facility, subject to certain levels of leverage and availability.
Retention of Centerview Partners LLC
The Company also announced that its Board of Directors has formed a special committee comprised of independent directors, and such committee has retained Centerview Partners LLC as its independent financial advisor to assist in the review and evaluation of strategic alternatives and in the Company's ongoing discussions with its lenders.
Application for Management Cease Trade Order
As a result of the delay in filing the Annual Filings, the Company has made an application with the applicable securities regulators in Canada under National Policy 12-203 - Management Cease Trade Orders ("National Policy 12-203") requesting that, in accordance with National Policy 12-203, a management cease trade order ("MCTO") be imposed in respect of this late filing, but there is no guarantee that the MCTO will be granted. If the MCTO is granted, and until the Annual Filings are filed, management of the Company confirms that the Company will satisfy the provisions of the alternative information guidelines under National Policy 12-203 by issuing bi-weekly default status reports in the form of news releases so long as the Company remains in default of the filing requirements referred to above. If the MCTO is granted, it will restrict trading in the securities of the Company by members of management of the Company who are subject to the MCTO.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Canadian Pacific Railway (CP) Names Keith Creel to Succeed as CEO
- Mallinckrodt (MNK) Announces FTC Settlement
- Regeneron (REGN), Sanofi (SNY) Get Expedited Appeal in Amgen (AMGN) Patent Case - Bloomberg
Create E-mail Alert Related CategoriesCorporate News, Hot Corp. News
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!