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Subsequent Events
3 Months Ended
Apr. 29, 2017
Subsequent Events  
Subsequent Events

(12) Subsequent Events

On May 17, 2017 (“Closing Date”), the Company’s wholly owned subsidiary, Sportsman’s Warehouse, Inc., amended the financial covenants to its existing Term Loan entered into on December 3, 2014.

The amendment increased the maximum leverage ratio in each of the remaining quarters by amounts ranging from 0.2x to 1.3x with an average quarterly increase of 0.75x.

As a result of the amendment, the interest rate on the Company’s term loan increased by 25 basis points to LIBOR plus 6.25% with a 1.25% LIBOR floor, up from LIBOR plus 6.0% with a 1.25% LIBOR floor previously.