Business Context and Reporting Period
Company: AVIAT NETWORKS, INC.
Filing Type: Form 8-K (Current Report)
Date of Report: June 10, 2019
Event: Entry into a Material Definitive Agreement (Amendment No. 2 to Third Amended and Restated Loan and Security Agreement).
Key Financial Metrics
This filing does not report revenue, profit, cash flow, or margin data. It focuses exclusively on debt facility terms.
- Revolving Line Amount: Reduced from $30 million to $25 million.
- Singapore Sublimit: Reduced from $30 million to $25 million.
- Revolving Line Maturity Date: Extended to June 29, 2020.
- Lender: Silicon Valley Bank.
Material Changes Versus Prior Period
The Company amended its existing credit agreement to reduce the total available revolving credit facility and Singapore sublimit by $5 million each. This reduction was initiated at the Company's request.
Guidance, Outlook, and Management Commentary
Rationale for Change: Management determined that the Company has sufficient working capital available through its operations to support the reduced facility size. Additionally, the Company expects to lower operating costs through this amendment.
Risks and Contingencies: The filing does not disclose new material risks or contingencies beyond the standard terms of the amended loan agreement.
Important Facts for Investor Verification
- Verify the impact of the reduced credit facility on the Company's liquidity position and working capital requirements.
- Confirm the specific operating cost reductions anticipated by management as a result of the amendment.
- Review the full text of Amendment No. 2 (Exhibit 10.1) for any covenants or conditions not summarized in this report.