SEC Filing Summary: Systemax Inc. (Form 8-K)
Business Context and Reporting Period
This Current Report (Form 8-K) was filed by Systemax Inc. on June 14, 2001, covering events occurring on June 13, 2001. The registrant is a Delaware corporation headquartered in Port Washington, New York. The filing primarily addresses a significant refinancing event under Item 5 (Other Events).
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, or margin data for the reporting period. The primary financial metric disclosed is the establishment of a new secured three-year revolving credit facility with a maximum capacity of $70 million. The company's previous credit facility was repaid in full at the closing of this new agreement.
Material Changes
- Debt Restructuring: Systemax Inc. replaced its previous credit facility with a new $70 million revolving credit facility.
- Lender Composition: The new facility is led by The Chase Manhattan Bank, with TransAmerica Business Capital Corporation acting as a co-agent and lender.
- Collateral: The new facility is secured, involving multiple subsidiaries as borrowers, including Tiger Direct, Inc., Global Computer Supplies, Inc., and Keyboardmall.com Inc.
Outlook, Risks, and Management Commentary
Management commentary is limited to the execution of the loan agreement. The filing does not contain forward-looking guidance, specific risk factors, or discussion of contingencies beyond the terms of the new debt instrument. The repayment of the prior facility in full suggests a successful refinancing without immediate liquidity distress.
Investor Verification Checklist
- Verify the specific interest rates and covenants within the Loan and Security Agreement (Exhibit 10.1).
- Confirm the utilization rate of the new $70 million facility immediately following the closing.
- Review the list of subsidiary guarantors to understand the scope of assets pledged as collateral.
- Check subsequent filings for any amendments to the credit terms or changes in the lender group.