MUELLER INDUSTRIES, INC. (NYSE:MLI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
entered into a Credit Agreement (the “Credit Agreement”) among
the Company (as borrower), Bank of America, N.A. (“Bank of
America”) (as agent), Regions Bank and SunTrust Bank (as
co-syndication agents), Wells Fargo Bank, National Association
and US Bank National Association (as co-documentation agents) and
other lenders from time to time parties thereto. The Credit
Agreement replaces the Company’s prior credit agreement among
the Company (as borrower), Bank of America (as agent) and certain
lenders (including Bank of America) parties thereto, dated as of
March 7, 2011.
revolving credit facility, which matures December 6, 2021. Funds
borrowed under the Credit Agreement may be used by the Company
for working capital purposes and other general corporate
purposes. In addition, the Credit Agreement provides a sublimit
of $50 million for the issuance of letters of credit, a sublimit
of $25 million for loans and letters of credit made in certain
foreign currencies and a Swing Line sublimit of $15 million.
Outstanding letters of credit and foreign currency loans reduce
borrowing availability under the Credit Agreement on a
dollar-for-dollar basis.
option, at a rate per annum equal to the (i) LIBOR Rate
(“LIBOR”) for interest periods (at the Company’s option) of
one, two, three or six months or (ii) the Base Rate (“Base
Rate”) which is equal to the greatest of (a) the overnight
federal funds rate plus 0.50 percent, (b) Bank of America’s
“prime rate” or (c) LIBOR plus 1.00 percent, in each case plus
an applicable margin. Applicable margin is based on the
Company’s consolidated funded indebtedness to capitalization
ratio and can range from 112.5 to 162.5 basis points per annum
over LIBOR and from 12.5 to 62.5 basis points over the Base Rate.
Additionally, a commitment fee is payable quarterly on the
average daily unused amount of the commitments and varies from
15.0 to 30.0 basis points per annum based upon the Company’s
consolidated funded indebtedness to capitalization ratio. Certain
fees are also payable in connection with letters of credit,
including an annual fee on each letter of credit equal to the
applicable margin for loans made at the LIBOR rate times the face
amount of such letter of credit.
other things, to meet certain minimum financial ratios and to
comply with customary affirmative and negative covenants.
guaranteed on a joint and several basis by certain of the
Company’s domestic wholly-owned subsidiaries, including all of
its material domestic subsidiaries.
the parties to the Credit Agreement other than in respect to the
Credit Agreement and other routine commercial banking services.
qualified in its entirety by reference to the Credit Agreement, a
copy of which is attached hereto as Exhibit 10.1 and is
incorporated therein by reference.
Obligation under an Off-Balance Sheet Arrangement of a Registrant
the Credit Agreement is hereby incorporated by reference.
| 10.1 |
Credit Agreement, dated as of December 6, 2016, among the
Company (as borrower), Bank of America, N.A. (as agent), and certain lenders named therein. |
About MUELLER INDUSTRIES, INC. (NYSE:MLI)
Mueller Industries, Inc. (Mueller) is a manufacturer of copper, brass, aluminum and plastic products. The Company operates through two segments: Plumbing & Refrigeration and Original Equipment Manufacturers (OEM). Its Plumbing & Refrigeration segment consists of Standard Products (SPD), Great Lakes Copper Ltd. (Great Lakes), European Operations and Mexican Operations. Its OEM segment consists of Industrial Products (IPD) and Engineered Products (EPD). The Company’s products include copper tube and fittings; brass and copper alloy rod, bar, and shapes; aluminum and brass forgings; aluminum and copper impact extrusions; plastic fittings and valves; refrigeration valves and fittings; fabricated tubular products; and steel nipples. The Company also resells imported brass and plastic plumbing valves, malleable iron fittings, faucets and plumbing specialty products. Mueller’s operations are located throughout the United States and in Canada, Mexico, Great Britain, and China. MUELLER INDUSTRIES, INC. (NYSE:MLI) Recent Trading Information
MUELLER INDUSTRIES, INC. (NYSE:MLI) closed its last trading session down -0.45 at 39.93 with 129,096 shares trading hands.