M&A - UNIFI INC

Form Type: 8-K

Filing Date: 2025-05-21

Corporate Action: Acquisition

Type: Update

Accession Number: 000119312525123665

Filing Summary: On May 19, 2025, Unifi, Inc. disclosed the amendment to a previously established Real Estate Purchase and Sale Agreement involving its subsidiary, Unifi Manufacturing, Inc. (UMI), and a buyer, Enovum NC-1 Bidco, LLC. This amendment altered the closing date of the transaction to May 20, 2025, waived certain contingencies, and adjusted the purchase price to $45 million along with potential deferred compensation based on energy supply conditions. Additionally, on the same date, Unifi, Inc. entered into a Third Amendment to its Second Amended and Restated Credit Agreement, which permitted UMI to use proceeds from the acquisition to repay outstanding loans. The acquisition was completed on May 20, 2025, subsequently allowing the company to utilize the net proceeds to reduce its term and revolving loans. On May 21, 2025, a press release was issued confirming the transaction's completion, further detailing the financial arrangements.

Form Type: 8-K

Filing Date: 2025-04-16

Corporate Action: Acquisition

Type: New

Accession Number: 000095017025054775

Filing Summary: On April 10, 2025, Unifi Manufacturing, Inc., a wholly owned subsidiary of Unifi, Inc., entered into a Real Estate Purchase and Sale Agreement with Enovum Data Centers Corp. This agreement involves the sale of an industrial/manufacturing building and land located in Madison, North Carolina, along with certain machinery and equipment, for a total cash price of $53.2 million. An earnest money deposit of $2.25 million was placed in escrow. The closing of this transaction is anticipated on May 15, 2025, unless accelerated by the Buyer. The Purchase Agreement includes standard representations and warranties for twelve months post-closing, along with specified indemnification limitations. Proceeds from the sale will be utilized to mitigate the outstanding principal of the company's existing loans. On the same date, a Second Amendment to the existing Credit Agreement was made to allow for this transaction and manage the derived funds accordingly.