Fred’s relaxes credit agreement’s definition of change of control

By Wendy Van Sickle

Columbus, Ohio, Dec. 30 – Fred’s Inc. amended its April 19, 2015 credit agreement with Bank of America, NA as administrative agent to change how it defines a change of control, according to an 8-K filing with the Securities and Exchange Commission.

The new definition provides that a change in control is deemed to occur, among other events, upon the acquisition of ownership, directly or indirectly, beneficially or of record, by any person or group, of 40% or more of the outstanding shares of the voting equity interests of the company, up from 30% previously.

Fred’s is a Memphis, Tenn.-based operator of discount general merchandise stores and specialty pharmacy-only locations.

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