May 21, 2018 2:07 AM ET

Specialty Retail

Company Overview of Golfsmith International, Inc.

Company Overview

Golfsmith International, Inc. operates retail outlets for golf clubs, golf club components, club assembly tools, and golf accessories for consumers and club makers. It offers golf equipment, merchandise, and training curriculum for consumers and golf club making businesses through its retail super stores, as well as through an online store. The company provides various golf products, including accessories, apparel, balls, carts, club fittings, gifts and games, gift cards, gloves, club grips, bags and travel, home and office, gears, shoes, sunglasses, and videos and books. Golfsmith International, Inc. was founded in 1967 and is based in Austin, Texas. Golfsmith International, Inc. operates a...

11000 North IH-35

Austin, TX 78753-3195

United States

Founded in 1967

Phone:

512-837-8810

Fax:

512-837-1019

Key Executives for Golfsmith International, Inc.

Chief Executive Officer and President
Age: 59
Chief Financial Officer
Age: 52
Senior Managing Director of Omers Private Equity and Director
Age: 56
Compensation as of Fiscal Year 2017.

Golfsmith International, Inc. Key Developments

Motion for Asset Sale Approved for Golfsmith International Holdings Inc.

Golfsmith International Holdings, Inc. filed a notice in the US Bankruptcy Court for the selection of successful bidder for the sale of substantially all its assets on October 27, 2016. As per the notice filed, Dick’s Sporting Goods, Inc. along with a contractual joint venture of Hilco Merchant Resources, LLC, Gordon Brothers Retail Partners, LLC, and Tiger Capital Group, LLC has been selected as the successful bidder and a contractual joint venture comprising WorldWide Golf Enterprises, Inc. and Great American Group, LLC has been selected as the backup bidder. The sale haring has been scheduled for October 31, 2016. Michael Walsh and William Gutowitz of Weil, Gotshal & Manges LLP represented the debtor as legal advisors and Scott K. Charles and Neil M. Snyder of Wachtell, Lipton, Rosen & Katz represented Dick’s Sporting Goods as legal advisors.

Notice of Successful Bidder filed by Golfsmith International Holdings Inc.

Golfsmith International Holdings, Inc. filed a notice in the US Bankruptcy Court for the selection of successful bidder for the sale of substantially all its assets on October 27, 2016. As per the notice filed, Dick’s Sporting Goods, Inc. along with a contractual joint venture of Hilco Merchant Resources, LLC, Gordon Brothers Retail Partners, LLC, and Tiger Capital Group, LLC has been selected as the successful bidder and a contractual joint venture comprising WorldWide Golf Enterprises, Inc. and Great American Group, LLC has been selected as the backup bidder. The sale haring has been scheduled for October 31, 2016.

Final DIP Financing Approved for Golfsmith International Holdings Inc.

The US Bankruptcy Court gave an order to Golfsmith International Holdings Inc. to obtain DIP financing on a final basis on October 17, 2016. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $135 million from a group of lenders with Antares Capital LP acting as the DIP agent. The DIP facility is comprised of an asset-based revolving credit facility, a letter of credit sub facility, and a swing line loan sub facility. The DIP Facility also provides for a CDN$60 million sublimit on Canadian. The DIP loan would carry an interest rate of LIBOR, the Base Rate, the Canadian Prime Rate or the BA Rate, as the case may be, plus the Applicable Margin; provided that Swing Loans may not be LIBOR Loans or BA Rate Loans, only DIP Loans denominated in Canadian Dollars may be BA Rate Loans or Canadian Prime Rate Loans and only DIP Loans denominated in U.S. Dollars may be LIBOR Loans or Base Rate Loans, along with an additional 2% p.a. interest in the event of default. LIBOR Margin and BA Rate Margin is 2.25%, Base Rate Margin and Canadian Prime Rate Margin is 1.25% and Letter of Credit Margin is 1.25%. As per the terms of the DIP agreement, the loan carries a commitment fee of 1% p.a. The interim financing is has a sublimit for letters of credit denominated in U.S. dollars up to $10 million, a sublimit for letters of credit denominated in Canadian dollars up to $10 million, a sublimit of $5 million aggregate principal amount of Swing Loans denominated in U.S. dollars, and a sublimit of the U.S. dollar equivalent of $5 million aggregate principal amount of Swing Loans denominated in Canadian dollars under the DIP facility. The DIP facility would mature either on Revolving Termination Date or the date on which the DIP Facility terminates or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Under the terms of the agreement, the DIP facility also includes certain agent fees and unused commitment fees. In addition, the terms of the DIP Facility contemplate a roll-up of the outstanding funded obligations under the First Lien Facility in the amount of approximately $100.7 million. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.50 million towards allowed professional fees of the debtors and any statutory committee of creditors/ administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The debtors shall use the proceeds of the DIP Facility to pay costs and expenses associated with the closing of the transactions under the DIP Credit Agreement and to fund these chapter 11 cases.

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