Page 10 of 12 – SEC Filing
Item 1. Security and Issuer.
This Amendment No. 4 amends the
Statement of Beneficial Ownership on Schedule 13D originally filed with the Securities and Exchange Commission (the
“Commission”) on April 14, 2016, as amended by Amendment No. 1 filed on June 3, 2016, as amended by Amendment
No. 2 filed on June 30, 2016 and as amended by Amendment No. 3 filed on June 22, 2017 (collectively the
“Schedule 13D”) relates to the shares of common stock, $0.01 par value per share (the “Common Stock”)
of Global Power Equipment Group, Inc., a Delaware corporation (the “Issuer”). The Issuer maintains its principal
executive office at 400 E. Las Colinas Boulevard, Suite 400, Irving, Texas 75039.
Item 4. Purpose of the Transaction
Item 4 of the Schedule 13D is hereby amended by the addition
of the following:
As previously disclosed in Amendment No. 3, the Issuer entered
into a $45 million senior secured credit agreement, dated June 16, 2017, with an affiliate of Centre Lane Partners, LLC (“Centre
Lane”), as Administrative Agent and Collateral Agent, and the other lenders (collectively, the “Lenders”) from
time to time party thereto (the “Senior Secured Credit Agreement”).
On August 17, 2017, the Issuer entered into a First Amendment
to Senior Secured Credit Agreement (the “First Amendment”). Under the First Amendment, each of the Lenders has, among
other things, agreed to provide the Issuer with a first-out term loan of up to an aggregate principal amount of $10 million (collectively,
the “First-Out Loan”), which will mature on September 30, 2018 (the “First-Out Maturity”). In addition
to the fees provided in the original Senior Secured Credit Agreement, the First Amendment also requires the Issuer to pay an upfront
fee equal to 7% of the First-Out Loan commitments, which bears interest at a rate of London Interbank Offered Rate plus 19% annual
payable in-kind interest, and an exit fee equal to 7% of the aggregate outstanding principal amount of the First-Out Loan commitments,
each of which is payable upon the First-Out Maturity.
Wynnefield Partners Small Cap Value, L.P.
I, Wynnefield Partners Small Cap Value, L.P., and Wynnefield Small Cap Value Offshore Fund, Ltd., (the “Wynnefield Funds”),
part of the Wynnefield Reporting Persons, on August 17, 2017, entered into the First Amendment to the Participation Agreement,
which was previously entered into on June 16, 2017, with Centre Lane (the “Amended Participation Agreement”) pursuant
to which the Wynnefield Funds funded $1,000,000 of the First-Out Loan under the Senior Secured Credit Agreement which was negotiated,
in all material respects, by Centre Lane and the Issuer without the involvement of the Wynnefield Funds. The Wynnefield Funds are
not party to, nor are they Lenders under, the Senior Secured Credit Agreement or the First Amendment thereto. Pursuant to the Amended
Participation Agreement, only Centre Lane and the Lenders have control over rights under the Senior Secured Credit Agreement and
the First Amendment relating to enforcement and waiver and compliance of material terms.
Item 6. Contracts, Arrangements, Understandings or Relationships
with respect to Securities of the Issuer
Item 6 of the Schedule 13D is hereby amended by the addition
of the following:
Reference is hereby made to the Amended Participation Agreement
described in Item 4.
Item 7. Material to be Filed as Exhibits.
Item 7 of the Schedule 13D is hereby amended by
the addition of the following:
Exhibit 5 – First Amendment to Participation Agreement
dated as of August 17, 2017 by and among Wynnefield Partners Small Cap Value, L.P., Wynnefield Partners Small Cap Value, L.P. I,
Wynnefield Small Cap Value Offshore Fund, Ltd., and Centre Lane Partners Master Credit Fund II, L.P.
