Lifetime Brands (LCUT) pushes loan maturities out to 2031
Rhea-AI Filing Summary
Lifetime Brands, Inc. (LCUT) amended its asset-based lending credit agreement and entered into a new term loan, completing a refinancing of its debt facilities. The amended asset-based Revolving Credit Facility now provides aggregate revolving commitments of $200.0 million, split into $160.0 million U.S., $35.0 million U.K. and $5.0 million Dutch tranches, with a maturity date of August 17, 2031 and the potential to increase total commitments to up to $300.0 million if conditions are met.
The Revolving Credit Facility bears interest at formulas tied to the Alternate Base Rate, Adjusted Term SOFR, Adjusted EURIBO, or Adjusted Daily Simple RFR/Overnight Swingline Rate, with margins generally ranging from 0.50%–2.00% based on Average Quarterly Availability, and with margins temporarily fixed at 0.75% for alternate base rate loans and 1.75% for term benchmark, RFR and overnight swingline loans through the fiscal quarter ending on or about September 30, 2026. It includes a financial covenant requiring a Fixed Charge Coverage Ratio of at least 1.10 to 1.00 during specified FCCR Test Periods.
The company also entered into a new $60.0 million second lien Term Loan, which funded in full on August 17, 2026 and matures on August 17, 2031. This loan amortizes at quarterly principal payments of 1.25% of the original principal beginning October 1, 2027, with the balance due at maturity, and bears interest at Term SOFR plus 6.75%–7.25% or, in limited circumstances, a base rate plus 7.75%–8.25%, depending on availability under the ABL facility. Covenants include maintaining a Fixed Charge Coverage Ratio of at least 1.10 to 1.00 during certain reduced-availability periods and maintaining trailing twelve-month Adjusted EBITDA of at least $30.0 million. Proceeds from the facilities are used to refinance existing term debt, pay transaction costs and fund working capital and general corporate purposes.
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8-K Event Classification
4 items: 1.01, 2.03, 7.01, 9.01
4 items
Item 1.01
Entry into a Material Definitive Agreement
Business
The company signed a significant contract such as a merger agreement, credit facility, or major partnership.
Item 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement
Financial
The company incurred a new significant debt or off-balance-sheet obligation.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Revolving Credit Facility commitments: $200.0 million
Potential maximum ABL commitments: $300.0 million
Term Loan principal amount: $60.0 million
+5 more
8 metrics
Revolving Credit Facility commitments
$200.0 million
Aggregate revolving commitments under amended ABL Credit Agreement as of August 17, 2026
Potential maximum ABL commitments
$300.0 million
Maximum borrowing amount under ABL Credit Agreement if conditions are met
Term Loan principal amount
$60.0 million
Aggregate principal amount of new second lien Term Loan funded on August 17, 2026
Facility and Term Loan maturity
August 17, 2031
Maturity date for both the amended ABL facility and the new Term Loan
Temporary ABL interest margins
0.75% / 1.75%
Margins for alternate base rate vs. term benchmark, RFR and swingline loans through fiscal quarter ending on or about September 30, 2026
Term Loan interest margins
6.75%–7.25% / 7.75%–8.25%
Margins over Term SOFR and base rate, respectively, based on average quarterly availability
Fixed Charge Coverage Ratio covenant
1.10 to 1.00
Minimum Fixed Charge Coverage Ratio required during specified test periods
Adjusted EBITDA covenant
$30.0 million
Minimum trailing twelve-month Adjusted EBITDA required under Term Loan Agreement
Key Terms
Revolving Credit Facility, Fixed Charge Coverage Ratio, Adjusted EBITDA, second lien term loan, +1 more
5 terms
Revolving Credit Facility financial
"the ABL Credit Agreement provides for aggregate revolving commitments of $200.0 million (the “Revolving Credit Facility”)"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
Fixed Charge Coverage Ratio financial
"it will not permit the Fixed Charge Coverage Ratio (as defined in the ABL Credit Agreement) as of the last day"
A fixed charge coverage ratio measures how well a company's operating income can cover its fixed, recurring obligations like interest payments and lease costs. Think of it as a safety margin — the higher the number, the more comfortably a business can pay steady bills from its normal earnings, which matters to investors because it signals financial stability, lower default risk, and greater ability to withstand revenue dips.
Adjusted EBITDA financial
"a covenant requiring the Company to maintain Adjusted EBITDA (less certain specified adjustments), measured monthly"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
second lien term loan financial
"a new $60 million second lien term loan provided by Pathlight Capital, and the Company's $200 million"
A second lien term loan is a secured loan that is backed by the borrower’s assets but sits behind a first lien loan in the repayment order, like a second mortgage on a house that gets paid after the first mortgage if the property is sold. It matters to investors because it carries higher interest rates to compensate for greater risk, and its lower priority means holders recover less in a default, which affects credit risk, pricing and how different creditors and shareholders are treated.
Average Quarterly Availability financial
"in each case based upon the Company's Average Quarterly Availability (as defined in the ABL Credit Agreement)"
FAQ
What refinancing did Lifetime Brands, Inc. (LCUT) complete on August 17, 2026?
Lifetime Brands completed a refinancing that includes an amended $200.0 million asset-based revolving credit facility maturing August 17, 2031 and a new $60.0 million second lien term loan, also maturing in August 2031, replacing its prior Term Loan B and extending overall debt maturities.
What are the key terms of LCUT’s amended $200 million ABL Revolving Credit Facility?
The amended ABL Revolving Credit Facility totals $200.0 million, split into U.S., U.K. and Dutch tranches, with potential expansion to $300.0 million. It matures on August 17, 2031 and bears interest at base or benchmark rates plus margins generally ranging from 0.50% to 2.00% based on Average Quarterly Availability.
What interest rates apply to Lifetime Brands’ new $60 million term loan?
The new $60.0 million second lien Term Loan bears interest at Term SOFR plus 6.75%–7.25% or, under limited circumstances, a base rate plus 7.75%–8.25%, with the applicable margin determined by the company’s average quarterly availability under the ABL Credit Agreement.
When does Lifetime Brands begin amortizing the new $60 million term loan and at what rate?
Lifetime Brands begins repaying principal on the new $60.0 million term loan on October 1, 2027, with quarterly installments equal to 1.25% of the original aggregate principal amount, and the remaining outstanding balance is due at the loan’s maturity on August 17, 2031.
What financial covenants are attached to LCUT’s amended credit facilities?
The agreements require a Fixed Charge Coverage Ratio of at least 1.10 to 1.00 during specified test periods and reduced-availability periods, and a covenant in the Term Loan Agreement requiring trailing twelve-month Adjusted EBITDA of at least $30.0 million, measured monthly.
How will Lifetime Brands use the proceeds from the new ABL facility and term loan?
Proceeds from the amended ABL facility and the new $60.0 million Term Loan are used to refinance indebtedness under the existing term loan credit agreements, pay Transaction Costs, and finance working capital needs and other general corporate purposes for Lifetime Brands and its subsidiaries.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): August 17, 2026
__________________________
(Exact Name of Registrant as Specified in Its Charter)
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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):
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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).
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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. ☐
Item 1.01 Entry into a Material Definitive Agreement
Amended ABL Credit Agreement
On August 17, 2026 (the “Effective Date”), Lifetime Brands, Inc. (the “Company”) entered into Amendment No. 3 (the “Amendment”) to amend that certain Credit Agreement, dated as of March 2, 2018, among the Company, as borrower, the other borrowers and loan parties from time to time party thereto, the lenders from time to time party thereto, and JPMorgan Chase Bank, N.A., as Administrative Agent for the Non-EEA Agented Borrowers and J.P. Morgan SE, as Administrative Agent for the EEA Agented Borrower (the “ABL Credit Agreement”). As of the Effective Date, the ABL Credit Agreement provides for aggregate revolving commitments of $200.0 million (the “Revolving Credit Facility”), consisting of $160.0 million of U.S. tranche commitments, $35.0 million of U.K. tranche commitments and $5.0 million of Dutch tranche commitments, and a maturity date of August 17, 2031.
The Revolving Credit Facility permits the Company to borrow, prepay and reborrow revolving loans, subject to the borrowing bases and other limitations set forth in the ABL Credit Agreement, with the outstanding principal amount of the revolving loans payable on the maturity date. The maximum borrowing amount under the ABL Credit Agreement may be increased to up to $300.0 million if certain conditions are met and additional revolving commitments are obtained.
The Revolving Credit Facility bears interest based upon the currency and type of borrowing at one of the following rates, as applicable: (i) the Alternate Base Rate (as defined in the ABL Credit Agreement), plus a margin ranging from 0.50% to 1.00%, (ii) the Adjusted Term SOFR Rate or Adjusted EURIBO Rate (each as defined in the ABL Credit Agreement), as applicable, plus a margin ranging from 1.50% to 2.00%, or (iii) the applicable Adjusted Daily Simple RFR or Overnight Swingline Rate (each as defined in the ABL Credit Agreement), plus a margin ranging from 1.50% to 2.00%, in each case based upon the Company's Average Quarterly Availability (as defined in the ABL Credit Agreement). Pursuant to the Amendment, from the effective date of the Amendment through the last day of the Company’s fiscal quarter ending on or about September 30, 2026, the applicable margins are fixed at 0.75% for alternate base rate loans and 1.75% for term benchmark, RFR and overnight swingline rate loans. Pursuant to the ABL Credit Agreement, the Company must comply with a financial covenant that, during any FCCR Test Period (as defined in the ABL Credit Agreement), it will not permit the Fixed Charge Coverage Ratio (as defined in the ABL Credit Agreement) as of the last day of any period of four fiscal quarters ending during such FCCR Test Period to be less than 1.10 to 1.00.
The proceeds of the Revolving Credit Facility will be used to finance Transaction Costs (as defined in the ABL Credit Agreement), to refinance indebtedness outstanding under the Company’s existing term loan credit agreement and to finance the working capital needs, and for general corporate purposes, of the Company and its subsidiaries.
The foregoing description of the terms and conditions of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment (including the conformed amended ABL Credit Agreement, which is attached as Exhibit A thereto), which Amendment is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Term Loan Agreement
Also on the Effective Date, the Company entered into a Credit Agreement (the “Term Loan Agreement”) with the other borrowers and loan parties from time to time party thereto, the lenders from time to time party thereto and PLC Agent LLC, as Administrative Agent, providing for a term loan (the “Term Loan”) in an aggregate principal amount of $60.0 million, which closed and funded in full on the Effective Date. The Term Loan matures on the August 17, 2031.
The Term Loan is repayable in quarterly installments of principal equal to 1.25% of the original aggregate principal amount of the Term Loan, commencing October 1, 2027, with the remaining balance due at maturity. The Term Loan bears interest, at Term SOFR or, under limited circumstances, a base rate, plus a margin that ranges, based on
the Company’s average quarterly availability under the ABL Credit Agreement as a percentage of the ABL commitment, from 6.75% to 7.25% for Term SOFR loans and from 7.75% to 8.25% for base rate loans.
The Term Loan Agreement contains certain covenants and other obligations of the Company, including a springing financial covenant requiring the Company to maintain a Fixed Charge Coverage Ratio of not less than 1.10 to 1.00, tested only during certain periods of reduced availability under the ABL Credit Agreement, and a covenant requiring the Company to maintain Adjusted EBITDA (less certain specified adjustments), measured monthly on a trailing twelve-month basis, of not less than $30.0 million.
The proceeds of the Term Loan were used to repay indebtedness outstanding under the Company's term loan B Loan Agreement, dated as of March 2, 2018 (as amended), to pay Transaction Costs, and for general corporate purposes.
The foregoing description of the terms and conditions of the Term Loan Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Term Loan Agreement, which is attached hereto as Exhibit 10.2 and is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth above under “Item 1.01 Entry into a Material Definitive Agreement” is hereby incorporated by reference into this Item 2.03.
Item 7.01 Regulation FD Disclosure.
On August 17, 2026, the Company announced the completion of the $60.0 million second lien Term Loan and the amendment and extension of the Company's $200.0 million ABL facility (the “Press Release”). The Press Release is attached to this Current Report on Form 8-K as Exhibit 99.1.
The information contained in this Item 7.01 and Exhibit 99.1 hereto shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
See the Exhibit Index below, which is incorporated by reference herein.
EXHIBIT INDEX
| Exhibit No. | ||||||||
| 10.1 | Amendment No. 3, dated as of August 17, 2026, by and among the Company, the other Loan Parties party thereto (as defined therein), the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent for the Non-EEA Agented Borrowers and Morgan SE, as Administrative Agent for the EEA Agented Borrower. | |||||||
| 10.2 | Credit Agreement, dated as of August 17, 2026, among Lifetime Brands, Inc., as borrower, the other borrowers and loan parties party from time to time party thereto, the lenders from time to time party thereto and PLC Agent LLC, as Administrative Agent.* | |||||||
| 99.1 | Press release dated August 17, 2026 | |||||||
| 104 | Cover Page Interactive Data File (formatted in Inline XBRL document) | |||||||
* Certain portions of this Exhibit (indicated by “[***]”) have been omitted pursuant to Item 601(b)(10) of Regulation S-K. Certain schedules, exhibits, annexes and/or appendices have been omitted pursuant to Item 601(a)(5) and/or Item 601(b)(2) of Regulation S-K. The Company agrees to furnish supplementally a copy of any omitted schedule or Exhibit to the SEC upon request.
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.
| Lifetime Brands, Inc. | ||||||||
| By: | /s/ Laurence Winoker | |||||||
| Laurence Winoker Executive Vice President, Treasurer and Chief Financial Officer | ||||||||
Date: August 20, 2026
Exhibit 99.1
Lifetime Brands Announces Closing of $60 Million Second Lien Term Loan and Amended and Extended $200 million ABL Facility
New second lien term loan and ABL Facility maturities to August 2031
GARDEN CITY, NY, August 17, 2026 -- Lifetime Brands, Inc. (NasdaqGS: LCUT), a leading global designer, developer and marketer of a broad range of branded consumer products used in the home, today announced that it has completed the refinancing of its credit facilities.
The Company's existing Term Loan B has been replaced with a new $60 million second lien term loan provided by Pathlight Capital, and the Company's $200 million asset-based revolving credit facility agented by JPMorgan (the “ABL Facility”) has been amended and extended. Both the new second lien term loan and the amended ABL Facility mature in August 2031.
“This refinancing extends our debt maturity, enhances our financial flexibility” said Rob Kay, Chief Executive Officer. “It reflects the continued strength of our business and positions us well to invest in our operations and continue executing on our long-term strategy.”
For additional information regarding this transaction, please refer to the Company’s Current Report on Form 8-K, which will be filed with the Securities and Exchange Commission (SEC) within four business days of this announcement and available at www.sec.gov.
Forward-Looking Statements
This release contains forward-looking statements that are subject to risks and uncertainties, including the Company’s ability to comply with the requirements of its credit agreements, the availability of funding under such agreements, and the Company’s ability to maintain adequate liquidity and an appropriate level of debt. These risks and uncertainties could cause actual results to differ materially from those expressed or implied by these forward-looking statements. Investors should not place undue reliance on these statements. Additional risk factors are described in the Company’s filings with the Securities and Exchange Commission. The Company undertakes no obligation to update these forward-looking statements other than as required by law.
Lifetime Brands, Inc.
Lifetime Brands is a leading global designer, developer and marketer of a broad range of branded consumer products used in the home. The Company markets its products under well-known kitchenware brands, including Farberware®, KitchenAid®, Sabatier®, Amco Houseworks®, Chef'n® Chicago™ Metallic, Copco®, Fred® & Friends, Houdini™, KitchenCraft®, Kamenstein®, La Cafetière®, MasterClass®, Misto®, Swing-A-Way®, Taylor® Kitchen, Rabbit®, and Dolly®; respected tableware and giftware brands, including Mikasa®, Pfaltzgraff®, Fitz and Floyd®, Empire Silver™, Gorham®, International® Silver, Towle® Silversmiths, Wallace®, Wilton Armetale®, V&A®, Royal Botanic Gardens Kew®, Year & Day®, Dolly®, Royal Leerdam®, and ONIS®; and valued home solutions brands, including BUILT NY®, S'well®, Taylor® Bath, Taylor® Kitchen, Taylor® Weather, Elements®, Planet Box®, and Dolly®. The Company also provides exclusive private label products to leading retailers worldwide.
The Company's corporate website is www.lifetimebrands.com.
Contacts:
Lifetime Brands, Inc.
Laurence Winoker, Chief Financial Officer
516-203-3590
investor.relations@lifetimebrands.com
or
MZ North America
Shannon Devine
Main: 203-741-8811
LCUT@mzgroup.us