SEC Filing Summary: SYNNEX CORPORATION (8-K)
Business Context and Reporting Period
This Current Report on Form 8-K was filed by SYNNEX CORPORATION (a Delaware corporation) on December 14, 2004, reporting events that occurred on December 13, 2004. The filing addresses the entry into a material definitive agreement regarding the company's receivables financing structure.
Key Financial Metrics
The filing does not provide specific values for revenue, profit, cash flow, margins, debt levels, or liquidity ratios. The document focuses exclusively on the structural amendment of a financing agreement rather than reporting period financial performance.
Material Changes
On December 13, 2004, the Company entered into Amendment No. 3 to its Amended and Restated Receivables Transfer Agreement and Amended and Restated Receivables Purchase and Servicing Agreement (originally dated August 30, 2002). The material changes include:
- Increased Capacity: The amendment increases the maximum purchase limit under the Receivables Purchase and Servicing Agreement.
- New Lenders: Manhattan Asset Funding Company LLC, Sumitomo Mitsui Banking Corporation, and SMBC Securities, Inc. were added as parties to the agreement.
- Existing Counterparties: The agreement continues to involve SIT Funding Corporation and General Electric Capital Corporation.
Outlook, Risks, and Management Commentary
The filing contains no forward-looking guidance, management commentary on future performance, or discussion of specific risks and contingencies beyond the execution of the amendment. The document notes the existence of a separate Amended and Restated Credit Agreement with General Electric Capital Corporation, dated July 9, 2002, as amended through September 17, 2004, but provides no details on its terms.
Investor Verification Checklist
- Verify the specific dollar amount of the increased maximum purchase limit under the amended Receivables Purchase and Servicing Agreement.
- Review the full text of Exhibit 10.1 to understand the specific covenants and terms associated with the new lenders (Manhattan Asset Funding, Sumitomo Mitsui, SMBC).
- Confirm the impact of this amendment on the company's overall debt capacity and liquidity position relative to the prior credit facility.
- Check subsequent filings for any financial impact resulting from the expanded receivables program.