Business Context and Reporting Period
Company: Boise Cascade Company
Filing Type: Form 8-K (Current Report)
Date of Report: May 15, 2013
Event: Entry into a material definitive agreement regarding the amendment of the Company's senior secured asset-based revolving credit facility.
Key Financial Metrics and Obligations
This filing does not report revenue, profit, cash flow, or margin data. It specifically addresses changes to debt facility terms:
- Unused Line Fee Rate Reduction:
- When revolver usage is >40% of commitments: Decreased from 0.375% to 0.25%.
- When revolver usage is ≤40% of commitments: Decreased from 0.5% to 0.375%.
- Letters of Credit Limit: Reduced the aggregate undrawn amount of outstanding letters of credit from $100.0 million to $75.0 million.
- Administrative Agent: Wells Fargo Capital Finance, LLC.
Material Changes Versus Prior Period
The filing details the Third Amendment to the Credit Agreement originally dated July 13, 2011, and previously amended in September and December 2012. The material changes effective May 15, 2013, are:
- Lower fees on unused credit lines across both utilization tiers.
- A 25% reduction in the maximum allowable outstanding letters of credit.
Guidance, Outlook, and Risks
The filing contains no management commentary, financial guidance, or outlook for future periods. It does not disclose specific risks or contingencies beyond the standard qualification that the summary is subject to the full text of the Amendment filed as Exhibit 10.1.
Key Facts for Investor Verification
- Verify the impact of the reduced unused line fees on the Company's interest expense and liquidity management.
- Confirm the operational necessity of the reduced $75.0 million cap on letters of credit.
- Review the full text of the Third Amendment to Credit Agreement (Exhibit 10.1) for any covenants or conditions not summarized in this 8-K.
- Note that this filing does not provide updated financial performance metrics (revenue, earnings, cash flow).