CACI International Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by CACI International Inc. on May 17, 2011. The filing reports the entry into a material definitive agreement regarding the company's credit facilities.
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, or total debt. The report focuses exclusively on the terms of a covenant amendment related to restricted payments under the company's Credit Agreement.
Material Changes
On May 17, 2011, CACI entered into an amendment to its Credit Agreement dated October 21, 2010. The amendment modifies the minimum fixed charge coverage ratio covenant by broadening the exclusion for restricted payments:
- From the date of the amendment through the end of 2011, CACI may exclude up to $175 million of restricted payments from the covenant calculation.
- Thereafter, CACI may exclude up to $30 million of restricted payments in each 12-month period.
- Certain unused amounts from these exclusions may roll over to subsequent periods.
Guidance, Outlook, and Risks
The filing contains no management guidance, outlook, or discussion of general risks. The primary contingency noted is the adherence to the amended fixed charge coverage ratio covenant. The filing states that all other terms of the Credit Agreement remain unchanged.
Key Facts for Investor Verification
- Verify the total outstanding debt and current fixed charge coverage ratio to assess the impact of the new exclusions.
- Review the full text of the Amendment (Exhibit 10.2) and the original Credit Agreement (Exhibit 10.1) for specific definitions of "restricted payments."
- Confirm whether the company has utilized any portion of the $175 million exclusion allowance since May 17, 2011.