POOL CORPORATION Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by POOL CORPORATION on May 23, 2008, regarding events that occurred on May 20, 2008. The filing addresses the entry into a material definitive agreement concerning the company's financing arrangements.
Key Financial Metrics
The filing does not report revenue, profit, cash flow, margins, or general liquidity metrics. It specifically details the terms of the amended Receivables Facility:
- Facility Capacity: Borrowing capacity of up to $135.0 million through August 31, 2008.
- Post-August Capacity: Borrowing capacity reduces to up to $95.0 million after August 31, 2008.
- Term Extension: The facility has been renewed for an additional term of 364 days.
Material Changes
On May 20, 2008, SCP Distributors LLC, Superior Pool Products, LLC, and Horizon Distributors, Inc. executed Amendment No. 12 to the Receivables Purchase Agreement and Amendment No. 3 to the Receivables Sale Agreement. These amendments involve Superior Commerce LLC, JPMorgan Chase Bank, N.A., and Jupiter Securitization Company. The primary change is the extension of the existing Receivables Facility term.
Outlook, Risks, and Management Commentary
The filing contains no forward-looking guidance, management commentary on operational outlook, or discussion of specific risks beyond the terms of the amended agreement. The document references Note 5 to the audited financial statements in the Form 10-K for the year ended December 31, 2007, for a full description of the Receivables Facility.
Investor Verification Checklist
- Verify the specific covenants and interest rate terms associated with the amended Receivables Facility in the referenced Form 10-K.
- Confirm the company's current utilization of the $135.0 million facility limit as of the filing date.
- Review the impact of the capacity reduction to $95.0 million after August 31, 2008, on working capital requirements.
- Examine the full text of Amendment No. 12 and Amendment No. 3 (Exhibits 10.1 and 10.2) for any new conditions or restrictions.