Business Context and Reporting Period
Company: Black Hills Corporation
Filing Type: Form 8-K (Current Report)
Date of Report: June 22, 2012
Event: Entry into a Material Definitive Agreement regarding a credit facility extension.
Key Financial Metrics
This filing reports on a specific debt restructuring event rather than periodic financial performance. Key metrics disclosed include:
- Loan Amount: $150 million Term Loan.
- Interest Rate: LIBOR plus 110 basis points.
- Administrative Agent: The Bank of Nova Scotia.
- Co-Lead Arrangers: U.S. Bank N.A. and CoBank, ACB.
The filing text does not provide clear values for revenue, profit, cash flow, margins, or total liquidity positions.
Material Changes
The primary material change is the extension of the loan termination date for the $150 million Term Loan:
- Original Termination Date: June 23, 2012.
- New Termination Date: June 24, 2013.
- Effective Date of Amendment: June 25, 2012.
Guidance, Outlook, and Risks
The filing does not contain forward-looking guidance, management commentary on future operations, or specific risk factors beyond the terms of the amended credit agreement. The document serves to disclose the creation of a direct financial obligation under the amended terms.
Investor Verification Checklist
- Verify the full terms of the First Amendment to the Credit Agreement (Exhibit 10).
- Review the Press Release dated June 25, 2012 (Exhibit 99) for additional context on the extension.
- Confirm the impact of the extended maturity date on the company's short-term liquidity requirements.
- Check subsequent filings for any changes to the LIBOR spread or covenant compliance.