Business Context and Reporting Period
Company: STRATTEC SECURITY CORPORATION
Filing Type: Form 8-K (Current Report)
Date of Report: December 30, 2018
Event: Entry into a Material Definitive Agreement regarding a credit facility amendment.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, or liquidity metrics. The document focuses exclusively on a specific debt agreement modification.
- Debt Instrument: ADAC-STRATTEC Credit Agreement (majority-owned subsidiary).
- Lender: BMO Harris Bank N.A.
- Term Extension: Maturity date extended by one year to August 1, 2021.
- Interest Rate: Applicable LIBOR margin revised (specific rate not disclosed in text).
Material Changes
On December 30, 2018, ADAC-STRATTEC, LLC entered into the sixth amendment to its Credit Agreement originally dated June 28, 2012. The primary material changes include:
- Extension of the credit facility maturity date to August 1, 2021.
- Revision of the LIBOR margin for borrowings.
- Other unspecified changes detailed in the attached Exhibit 10.1.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, or outlook for future periods. No specific risks or contingencies are discussed beyond the execution of the credit agreement amendment. The filing notes that the Amendment is attached as Exhibit 10.1 and incorporated by reference.
Investor Verification Checklist
- Verify the specific revised LIBOR margin percentage in Exhibit 10.1 (Amendment No. 6).
- Confirm the total outstanding principal balance under the ADAC-STRATTEC Credit Agreement.
- Review the "other changes" mentioned in the amendment for potential covenants or fees.
- Assess the impact of the extended maturity date on the company's long-term liquidity profile.