Business Context and Reporting Period
Company: STRATTEC SECURITY CORP
Filing Type: Form 8-K (Current Report)
Date of Report: September 28, 2018
Event: Entry into a Material Definitive Agreement regarding the company's credit facility.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, or liquidity metrics. It specifically addresses debt capacity and facility terms.
- Previous Maximum Borrowing Availability: $30 million
- New Maximum Borrowing Availability: $40 million
- Lender: BMO Harris Bank N.A.
- Extended Maturity Date: August 1, 2021
Material Changes Versus Prior Period
Effective September 28, 2018, the Company executed the fifth amendment to its Credit Agreement (originally dated August 1, 2011). The material changes include:
- An increase in the secured revolving credit facility limit by $10 million.
- An extension of the credit agreement term by one year.
Guidance, Outlook, and Risks
The filing contains no forward-looking guidance, management commentary on future performance, or specific risk factors beyond the standard disclosure of the amended credit agreement terms. No unusual items or contingencies were disclosed in this report.
Investor Verification Checklist
- Verify the full text of Exhibit 10.1 (Amendment No. 5) for specific covenants, interest rate adjustments, or fees associated with the increased borrowing capacity.
- Confirm the company's current utilization of the $40 million facility in subsequent quarterly filings (10-Q).
- Review the company's liquidity position to assess the necessity of the increased credit line.