johnsonoutdec312008form8k.htm
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): December 31,
2008
Johnson
Outdoors Inc.
|
(Exact
name of registrant as specified in its
charter)
|
Wisconsin
|
|
0-16255
|
|
39-1536083
|
(State
or other jurisdiction
of
incorporation)
|
|
(Commission
File Number)
|
|
(IRS
Employer
Identification
No.)
|
555
Main Street, Racine, Wisconsin 53403
|
(Address
of principal executive offices, including zip
code)
|
(262)
631-6600
|
(Registrant's
telephone number, including area
code)
|
Not
Applicable
|
(Former
name or former address, if changed since last
report)
|
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:
[
]
|
Written
communications pursuant to Rule 425 under the Securities Act (17
CFR
230.425)
|
[
]
|
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|
[
]
|
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR
240.14d-2(b))
|
[
]
|
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR
240.13e-4(c))
|
Section
1 - Registrant's Business and Operations
Item
1.01 Entry into a Material Definitive
Agreement
On
December 31, 2008, Johnson Outdoors Inc. (the "Company") and certain of its
subsidiaries entered into an Amended and Restated Credit Agreement (Term) (the
"Term Debt") and an Amended and Restated Credit Agreement (Revolving) (the
"Revolving Debt" and collectively with the Term Debt, the "Restated Debt
Agreements") effective as of January 2, 2009 with JPMorgan Chase Bank N.A.,
as
lender and administrative agent, and the other lenders named therein
(collectively, the "Lenders"). The Restated Debt Agreements modify
the terms of the Company's February 12, 2008 credit
agreements.
The
material changes to the Company's existing credit agreements made by the
Restated Debt Agreements are as follows:
·
|
The
maturity date on the Term Debt was shortened to October 7,
2010.
|
·
|
Certain
financial and non-financial covenants were modified, including the
leverage, fixed charge, minimum EBITDA, and net worth
covenants.
|
·
|
The
maximum borrowing availability under the Revolving Debt was reduced
from
$75 million to $35 million as of January 2, 2009, and further reduced
to
$30 million as of January 31, 2009.
|
This
description of the Restated Debt Agreements does not purport to be complete
and
is qualified in its entirety by the terms and conditions of the Restated Debt
Agreements, copies of which are attached hereto as Exhibit 99.1 and Exhibit
99.2, each of which is incorporated herein by reference.
Item
1.02 Termination of a Material Definitive
Agreement.
Effective
January 2, 2009, the Company restated
its
existing credit agreements, as
described in Item 1.01
above.
Section
2 - Financial
Information
Item
2.03 Creation of a Direct
Financial
Obligation or an Obligation under an Off-Balance Sheet Arrangement
of a
Registrant
On
December
31, 2008, the Company became
obligated on
a direct financial obligation pursuant to the terms of the Restated
Debt Agreements,
as described in Item 1.01
above.
Section
9 - Financial Statements and Exhibits
Item
9.01 Financial Statements and Exhibits
(d) Exhibits
The following exhibits are filed herewith:
Exhibit 99.1
– Amended and Restated Credit
Agreement (Term), dated as of January 2, 2009, among Johnson
Outdoors, Inc., JPMorgan Chase Bank, N.A., as lender and agent, and the other
lenders named therein.
Exhibit 99.2
- Amended and Restated Credit
Agreement (Revolving), dated as of January 2, 2009, among Johnson
Outdoors, Inc., JPMorgan
Chase Bank, N.A., as lender and agent, and the other lenders named
therein.
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.
Date:
January 2, 2009
JOHNSON
OUTDOORS INC.
BY
/s/ David
W.
Johnson
David
W. Johnson, Vice President and Chief
Financial
Officer
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