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): June 6, 2023

 

JAKKS PACIFIC, INC.

(Exact name of registrant as specified in its charter)

 

Delaware 0-28104 95-4527222

(State or other jurisdiction of incorporation)  

 (Commission  File Number) (IRS Employer Identification No.)

                  

2951 28th Street, Santa Monica, California 90405
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (424) 268-9444

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, $.001 par value

JAKK

NASDAQ Global Select Market

 

 

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 (see General Instruction A.2. below):

 

 

☐

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))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 
 

 

Item 8.01 Other Events.

 

JAKKS Pacific, Inc. [NASDAQ: JAKK] today announced that on June 5, 2023 it repaid in full its Term Loan from Benefit Street Partners after making a voluntary prepayment of $30.5 million using cash on hand. The Company estimates that prepayment of the term loan could save it approximately $1.2 million in cash expense for the balance of this fiscal year. The Company will accelerate approximately $0.7 million of amortizable non-cash deferred financing costs associated with the prepayment to the second quarter ending June 30, 2023. The Company continues to maintain its asset-based revolving credit line with JP Morgan Chase Bank. The excess borrowing availability was $30.2 million as of March 31, 2023.

 

Item 9.01. Financial Statements and Exhibits

 

(d)         Exhibits

 

Exhibit

Description
   

99.1

Press Release dated June 6, 2023

104

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

 

 
 

 

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.

 

 

JAKKS PACIFIC, INC.

 

 

 

 

 

 

 

 

 

Dated: June 6, 2023

By:

/s/ JOHN KIMBLE

 

 

 

John Kimble, CFO

 

 

 

 

 

 

 

     

 

 

                  

 
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