Company: SVV
Filing Date: 2025-09-19
Form Type: 8-K
Source: 0001883313-25-000092
Chunk: 2

Company: Savers Value Village, Inc.
Filing Date: 2025-09-19
Form: 8-K
Item: Item 1.01
Chunk 2
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 (or greater than the interest coverage ratio immediately prior to the incurrence of such additional debt) (in the case of junior lien debt) or (z) either the Borrowers’ pro forma net leverage ratio is less than or equal to 6.50 (or less than the net leverage ratio immediately prior to the incurrence of such additional debt) or the Borrowers’ pro forma interest coverage ratio is greater than or equal to 2.00 (or greater than the interest coverage ratio immediately prior to the incurrence of such additional debt) (in the case of unsecured debt or debt not secured by collateral securing the Senior Credit Facilities).

The Senior Secured Credit Facilities have customary affirmative and negative covenants, including restrictions on the ability of the Loan Parties and their subsidiaries to incur additional indebtedness, incur liens, make investments, make restricted payments, make optional prepayments on junior financings, engage in transactions with affiliates and make asset sales, in each case, subject to customary exceptions and baskets.

The Revolving Credit Facility is subject to a financial maintenance covenant that requires the Borrowers to maintain a net first lien leverage ratio not in excess of a maximum net first lien leverage ratio, tested quarterly, beginning with our first fiscal quarter in the 2026 fiscal year. The financial maintenance covenant is only applicable if the aggregate amount of revolving loans, swingline loans and letters of credit outstanding under the Revolving Credit Facility (excluding (i) letters of credit and (ii) for the first four fiscal quarters following the Closing Date, outstanding amounts incurred to finance the transactions contemplated by the Credit Agreement) exceeds 40% of the committed amount. The Revolving Credit Facility provides for customary equity cure rights.

The foregoing summary of the Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Credit Agreement, a form of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 1.02. Termination of a Material Definitive Agreement.

Termination of the Existing Credit Agreement

On the Closing Date, the Loan Parties terminated and repaid in full all outstanding obligations due under the Existing Credit Agreement. No early termination penalties or prepayment premium were incurred by the Loan Parties in connection with the termination of the Existing Credit Agreement.

Redemption of the Existing Notes

On the Closing Date, the Issuers redeemed all of the outstanding $401 million aggregate principal amount of the Existing Notes at a redemption price equal to 104.875