Business Context and Reporting Period
Company: Boise Cascade Company
Filing Type: Form 8-K (Current Report)
Date of Report: June 30, 2016
Event: Entry into a material definitive agreement regarding the Company's Senior Secured Asset-Based Credit Facility.
Key Financial Metrics and Debt
This filing reports specific changes to the Company's credit facility capacity rather than operational financial performance metrics (revenue, profit, cash flow).
- Revolving Loan Capacity: Increased from $350.0 million to $370.0 million.
- Incremental Commitment: $20.0 million assumed by Zions, N.A. DBA Zions First National Bank.
- Administrative Agent: Wells Fargo Capital Finance, LLC.
- Other Metrics: The filing text does not provide clear values for revenue, profit, margins, or total debt outstanding as of the reporting date.
Material Changes Versus Prior Period
The primary material change is the expansion of the Company's borrowing base and credit availability:
- Joinder and Revolver Increase: Zions First National Bank joined the credit agreement as a lender, increasing the maximum available revolving loans by $20.0 million.
- Third Amendment to Credit Agreement: Modifications were made to the definition of "eligible accounts" to increase the concentration limit for certain accounts owed to borrowers, thereby potentially increasing the borrowing base.
Guidance, Outlook, and Risks
Management Commentary: The filing focuses strictly on the execution of the credit facility amendments and does not contain forward-looking guidance, outlook statements, or management commentary on operational performance.
Risks and Contingencies: No specific risks or contingencies are detailed in this excerpt, other than the standard qualification that the summaries are subject to the complete text of the documents filed as exhibits to the Form 10-Q.
Important Facts for Investor Verification
- Verify the full text of the "Joinder and Revolver Increase Agreement" and the "Third Amendment to the Credit Agreement" in the upcoming Form 10-Q for the second quarter of 2016.
- Confirm the impact of the increased concentration limit on eligible accounts on the Company's actual borrowing base availability.
- Review the Form 10-Q for the second quarter of 2016 to obtain operational financial metrics (revenue, earnings, cash flow) which are not included in this 8-K.