POOL CORPORATION Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by POOL CORPORATION on October 20, 2015, regarding events occurring on October 15, 2015. The filing details amendments to the Company's Receivables Purchase Agreement involving its securitization subsidiary, Superior Commerce LLC.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, or margin data. The primary financial metric disclosed relates to the Company's credit facility:
- Maximum Facility Limit: Increased to $200,000,000 for the months of May and June.
- Temporary Facility Limit: Maintained at $120,000,000 for the period from September 30, 2015, to October 6, 2015.
- Facility Termination Date: Extended to October 16, 2017.
Material Changes
The Company executed two amendments to its Receivables Purchase Agreement:
- October 1, 2015 Amendment: Maintained the facility limit at $120,000,000 for a specific short-term period in late September and early October 2015.
- October 15, 2015 Amendment: Extended the facility termination date to October 16, 2017, adjusted seasonal facility limits, and increased the maximum facility limit to $200,000,000 during the peak months of May and June.
Outlook, Risks, and Management Commentary
The filing states that the agreement contains customary terms, representations, covenants, and conditions precedent. The Company noted that it engages parties to the agreement for commercial and investment banking services for which customary fees are paid. No specific forward-looking guidance, risk factors, or unusual items were disclosed in this report beyond the structural changes to the credit facility.
Investor Verification Checklist
- Verify the full text of Amendment No. 4 (Exhibit 10.1) and Amendment No. 5 (Exhibit 10.2) to understand specific covenants and conditions.
- Confirm the impact of the increased seasonal limit on the Company's liquidity management during peak operating months.
- Review subsequent filings to ensure the facility remains in good standing and no defaults have occurred.