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CLAIRES STORES INC FILES (8-K) Disclosing Entry into a Material Definitive Agreement, Financial Statements and Exhibits

May 2, 2014



Item 1.01. Entry into a Material Definitive Agreement.

On April 30, 2014, Claire's Stores, Inc. (the "Company") entered into Amendment No. 1 to its Amended and Restated Credit Agreement (the "Credit Agreement"), dated as of September 20, 2012, among the Company, Claire's, Inc., the Company's corporate parent ("Parent"), the Administrative Agent and Issuing Agent named therein and the Lenders party thereto (the "Amendment"). A copy of the Amendment is filed as Exhibit 10.1 to this report and incorporated by reference herein.

Section 6.11 of the Credit Agreement requires the Company to maintain a Total Net Secured Leverage Ratio (as defined in the Credit Agreement) not in excess of a specified maximum level when outstanding borrowings (inclusive of letters of credit under the Credit Agreement) (a) exceed $15.0 million at the end of a quarter, or (b) exceed $15.0 million (inclusive of the borrowing being requested) at the time of a borrowing. The Amendment (i) provides for a clarification in how the Total Net Secured Leverage Ratio is calculated at the time of a borrowing, and (ii) increases the maximum permitted Total Net Secured Leverage Ratio from 5.50 to 1.00 to 6.00 to 1.00.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits



Exhibit 10.1 Amendment No. 1 dated as of April 30, 2014, among Claire's,

Inc.("Parent"), Claire's Stores, Inc. (the "Borrower"), the Lenders party thereto and Credit Suisse AG, as Administrative Agent, to the Amended and Restated Credit Agreement, dated as of September 20, 2012, among Parent, the Borrower, the Administrative Agent, the Issuing Bank, the Lenders party thereto and the agents, arrangers and bookrunners party thereto. -2-



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Source: Edgar Glimpses


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