Samsonite International S.A. announced that on April 12, 2024, it entered into amendment no. 1 to second amended and restated credit and guaranty agreement, dated as of the Effective Date, pursuant to which it refinanced the Company and its subsidiaries' Term Loan B Facility under the Second Amended and Restated Credit and Guaranty Agreement dated as of June 21, 2023 (the "Existing Credit Agreement", and as amended by the Amendment, the "Credit Agreement"). The interest rate payable under the refinanced Term Loan B Facility (the "2024 Term Loan B Facility") is 75.0 basis points lower than the rate previously payable under the Term Loan B Facility under the Existing Credit Agreement.

Under the 2024 Term Loan B Facility, the interest rate is based on the Secured Overnight Financing Rate plus an applicable margin of 2.00% with a SOFR floor of 0.50% (or a base rate plus 1.00% per annum). The loans under the 2024 Term Loan B Facility were issued with original issue discount with an issue price of 99.75%. In connection with the refinancing, the Group borrowed USD 100.0 million under its revolving credit facility and used the proceeds to reduce the principal amount of the Term Loan B Facility under the Existing Credit Agreement by USD 95.5 million.

The principal amount of the borrowings under the 2024 Term Loan B Facility is USD 500.0 million. The interest rate currently payable on the borrowings under the revolving credit facility is 77.5 basis points lower than the interest rate payable under the 2024 Term Loan B Facility. The interest rate under the revolving credit facility was not changed pursuant to the Amendment, it is based on SOFR, with a SOFR floor of 0%, plus a 10 basis-point credit spread adjustment, plus an applicable margin of 1.125% per annum (or a base rate plus 0.125% per annum).

The applicable margin with respect to the revolving credit facility can vary and is based on the lower rate derived from either the first lien net leverage ratio of the Company and its restricted subsidiaries at the end of each fiscal quarter or the Company's corporate ratings. The Company estimates that the refinancing of the Term Loan B Facility will result in a reduction in cash interest payments in the first full year following the Effective Date of approximately USD 4.9 million per annum.