Curtiss-Wright Corp. 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report was filed by Curtiss-Wright Corporation on August 10, 2007. The filing discloses the entry into a material definitive agreement regarding the company's credit facilities.
Key Financial Metrics
The filing details a revision to the company's debt structure rather than reporting operational financial results such as revenue or profit.
- Credit Facility Size: Increased from $400 million to $425 million.
- Expansion Capability: Includes an accordion feature allowing expansion up to $600 million.
- Maturity Date: Extended from July 23, 2009, to August 10, 2012.
- Administrative Agent: Bank of America N.A.
Material Changes
The primary change is the execution of a Second Amended and Restated Credit Agreement. This agreement modifies the existing five-year credit facility originally dated July 23, 2004. Key modifications include:
- Extension of the facility maturity by approximately three years.
- Increase in total available credit by $25 million.
- Improved pricing terms and reduced facility fees.
- Increased availability for letters of credit.
Outlook and Risks
Management commentary is limited to the description of the credit agreement terms. The filing notes that the description provided is not complete and directs investors to the full agreement attached as Exhibit 10.1 for a complete understanding of terms and provisions. No specific risks, contingencies, or unusual items are detailed in the text of this report beyond the standard disclosure of the agreement.
Investor Verification Checklist
- Review Exhibit 10.1 (Second Amended and Restated Credit Agreement) for specific interest rate formulas and covenants.
- Verify the utilization of the new $25 million increase and the accordion feature.
- Confirm the impact of reduced facility fees on future interest expense.
- Check subsequent filings for any drawdowns on the extended facility.