Business Context and Reporting Period
Company: Super Micro Computer, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: March 12, 2018
Event: Entry into a Material Definitive Agreement (Third Amendment to Credit Agreement).
Key Financial Metrics
This filing does not report specific revenue, profit, cash flow, margin, or liquidity figures. The document focuses exclusively on the terms of a credit agreement amendment. The filing text does not provide a clear value for current debt balances or cash positions.
Material Changes and Agreement Terms
On March 12, 2018, the Company entered into a Third Amendment to its Credit Agreement (originally dated June 30, 2016). Key provisions include:
- Repayment Requirement: The Company must secure a new financing commitment by March 30, 2018, to repay all obligations under the Credit Agreement.
- Final Repayment Deadline: All obligations must be repaid no later than April 20, 2018.
- Reporting Obligations: The Company is required to deliver cash flow forecasts. However, the requirement to deliver certain financial statements and SEC filings is suspended, provided no Event of Default has occurred.
- Parties Involved: The agreement involves Super Micro Computer, Inc., Super Micro Computer B.V. (as Designated Borrower), Guarantors, Lenders, and Bank of America, N.A. (Administrative Agent).
Outlook, Risks, and Management Commentary
Management Action: A press release announcing the amendment was issued on March 13, 2018.
Risks and Contingencies: The amendment imposes a strict timeline for refinancing and repayment. Failure to secure new financing by March 30, 2018, or repay obligations by April 20, 2018, could trigger an Event of Default. The suspension of standard reporting requirements is conditional on the absence of a default.
Investor Verification Checklist
- Verify whether the Company secured the required new financing commitment by the March 30, 2018 deadline.
- Confirm if all obligations under the Credit Agreement were repaid by April 20, 2018.
- Review subsequent filings to determine if an Event of Default occurred, which would reinstate suspended reporting requirements.
- Examine the full text of the Third Amendment (Exhibit 10.1) for specific covenants and default triggers not summarized in the 8-K.