Business Context and Reporting Period
Company: POOL CORPORATION
Filing Type: Form 8-K (Current Report)
Date of Report: November 2, 2018
Event Date: October 31, 2018
Context: The Company entered into an amendment to its existing Receivables Purchase Agreement to modify facility terms.
Key Financial Metrics
This filing does not report revenue, profit, cash flow, margins, or general liquidity metrics. It specifically addresses a change in the Company's financing structure:
- Facility Type: Receivables Purchase Agreement (Securitization Facility).
- Maximum Facility Limit: Increased to $295,000,000 (effective in the month of May).
- Termination Date: Extended to October 30, 2020.
- Parties Involved: Superior Commerce LLC (Seller), SCP Distributors LLC (Servicer), MUFG Bank, Ltd., Bank of America, N.A., and Wells Fargo Bank, National Association.
Material Changes Versus Prior Period
The filing details two primary amendments to the Receivables Purchase Agreement compared to the prior agreement terms:
- Extension of Term: The facility termination date was extended from its previous date to October 30, 2020.
- Capacity Increase: The facility limit was increased throughout the year, with a new maximum cap of $295,000,000 in May.
Guidance, Outlook, and Risks
Management Commentary: The Company stated that the amended agreement contains terms and conditions customary for transactions of this type. The filing notes that the Company and its affiliates may engage parties to the agreement for commercial banking, investment banking, and other services for which customary fees and commissions are paid.
Risks and Contingencies: The filing does not disclose new specific risks or contingencies beyond the standard obligations inherent in the amended agreement. The description of the amendments is qualified by reference to the full text of Amendment No. 9 filed as Exhibit 10.1.
Guidance: No forward-looking financial guidance or outlook was provided in this filing.
Important Facts for Investor Verification
- Verify the specific terms of the increased facility limit ($295,000,000) and the conditions precedent required to access these funds by reviewing Exhibit 10.1.
- Confirm the impact of the extended termination date (October 30, 2020) on the Company's long-term liquidity planning.
- Review the customary fees and commissions associated with the banking services provided by the agents (MUFG, Bank of America, Wells Fargo) to assess potential cost implications.
- Note that this filing does not contain operational financial results; refer to the most recent 10-Q or 10-K for revenue and earnings data.