Shiloh Industries, Inc. (NASDAQ:SHLO) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
Shiloh Industries, Inc., a Delaware Corporation (the “Company”), and Shiloh Holdings Netherlands B.V., a besloten vennootschap met beperkte aansprakelijkheid organized under the laws of the Netherlands, entered into an amendment, dated July 31, 2017 (the “Amendment”), with respect to the Credit Agreement (the “Credit Agreement”), as amended, with Bank of America, N.A., as Administrative Agent, Swing Line Lender, Dutch Swing Line Lender and an L/C Issuer, JPMorgan Chase Bank, N.A., as Syndication Agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities, LLC, as Joint Lead Arrangers and Joint Book Managers, The PrivateBank and Trust Company, Compass Bank and The Huntington National Bank, N.A., as Co-Documentation Agents, and the other lender parties thereto. The Amendment amends the Credit Agreement, which was originally entered into on October 25, 2013 and previously amended as of December 30, 2013, June 26, 2014, September 29, 2014, April 29, 2015, and October 28, 2016. The Amendment does not modify the aggregate amount of financing provided by the Credit Agreement, as amended, which remains at $347.5 million.
The Amendment modifies, among other things: the Company's investments in subsidiaries and various cumulative financial covenant thresholds, in each case, under the Credit Agreement. The Amendment also enhances the Company's ability to take advantage of customer supply chain finance programs.
Certain of the lenders under the Credit Agreement, as amended, and their affiliates have provided from time to time, and may continue to provide, investment banking, commercial banking, financial and other services to us for which we have paid and intend to pay customary fees and expense reimbursements.
The foregoing is a summary of the material terms and conditions of the Amendment and not a complete description of the Amendment. Accordingly, the foregoing is qualified in its entirety by reference to the Amendment, attached hereto as Exhibit 10.1, and incorporated herein by reference.
Item 1.01. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The description of the Amendment set forth under Item 1.01 is incorporated into this Item 1.01 by reference.
Item 1.01. Financial Statements and Exhibits.
(c) Exhibits
10.1 Seventh Amendment to the Credit Agreement, dated July 31, 2017, among Shiloh Industries, Inc., Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, JPMorgan Chase Bank, N.A., as Syndication Agent, Merrill Lynch, Pierce, Fenner & Smith Incorporated and J.P. Morgan Securities, LLC, as Joint Lead Arrangers and Joint Book Managers, The PrivateBank and Trust Company, Compass Bank and The Huntington National Bank, N.A., as Co-Documentation Agents, and the other lender parties thereto.
SHILOH INDUSTRIES INC ExhibitEX-10.1 2 exhibit101-seventhamendmen.htm EXHIBIT 10.1 Exhibit EXHIBIT 10.1SEVENTH AMENDMENT TO CREDIT AGREEMENTTHIS SEVENTH AMENDMENT TO CREDIT AGREEMENT (this “Agreement”) dated as of July 31,…To view the full exhibit click here
About Shiloh Industries, Inc. (NASDAQ:SHLO)
Shiloh Industries, Inc. is a supplier of light weighting and noise, vibration and harshness (NVH) solutions, which are capable of delivering solutions in aluminum, magnesium, steel and steel alloys to the automotive, commercial vehicle and industrial markets. The Company operates through Automotive and Commercial Vehicles segment. It offers solutions through the design and manufacturing of its BlankLight, CastLight and StampLight brands. It offers body systems components, which include shock towers, instrument panel or cross car beams and torque boxes. It offers chassis systems components, which include cross members, frame rails, axle carriers, bearing caps and flanges. It offers powertrain systems components, which include planetary carriers, clutch housings and transmission covers. It performs steel processing services, which include oiling, leveling, cutting-to-length, multi-blanking, slitting, edge trimming of hot and cold-rolled steel coils, and inventory control services.
