Business Context and Reporting Period
This Form 8-K is a current report filed by SYNNEX Corporation (now TD SYNNEX Corp) on January 11, 2010. The filing discloses the entry into a material definitive agreement regarding its receivables financing and the scheduling of its 2010 Annual Meeting of Stockholders.
Key Financial Metrics
The filing does not provide specific revenue, profit, cash flow, or margin figures. It details the terms of a financing amendment:
- Facility Extension: The final advance date for the Receivables Sale and Servicing Agreement was extended to January 10, 2011.
- Cost of Borrowing: The effective borrowing rate is a blend of prevailing dealer commercial paper rates plus a program fee of 0.65% per annum on the used portion of the commitment.
- Facility Fee: A fee of 0.65% per annum is payable on the total commitment.
Material Changes
The primary material change is the amendment of the Third Amended and Restated Receivables Sale and Servicing Agreement and the Third Amended and Restated Receivables Funding and Administration Agreement (originally dated January 23, 2009). This amendment extends the availability of the credit facility by one year.
Outlook, Risks, and Other Events
Management Commentary and Events: On January 15, 2010, the Company issued a press release announcing the record date and meeting date for its 2010 Annual Meeting of Stockholders. The full text of this release is included as Exhibit 99.1.
Risks and Contingencies: The filing does not explicitly detail new risks or contingencies beyond the standard obligations of the amended financing agreement.
Investor Verification Checklist
- Verify the specific terms and covenants of the Fourth Omnibus Amendment (Exhibit 10.1) to understand any new conditions attached to the extended credit facility.
- Confirm the record date and meeting date for the 2010 Annual Meeting of Stockholders as announced in the press release (Exhibit 99.1).
- Review the prevailing dealer commercial paper rates to calculate the current effective cost of borrowing under the amended agreement.