STRATTEC SECURITY CORPORATION (NASDAQ:STRT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
|
Entry into a Material Definitive Agreement |
Effective as of June 26, 2017, STRATTEC SECURITY CORPORATION (the
“Company“), entered into a fourth amendment (the
“STRATTEC Fourth Amendment“) to its August 1, 2011
Credit Agreement, as previously amended by an Amendment No. 1
dated December 27, 2013, an Amendment No. 2 dated June 25, 2015
and an Amendment No. 3 dated June 24, 2016 (collectively, the
“STRATTEC Credit Agreement“), with BMO Harris Bank N.A.,
as lender (the “Lender“). The STRATTEC Fourth Amendment
extends the term of the STRATTEC Credit Agreement through August
1, 2020, provides for an amendment to the Amended and Restated
Security Agreement with the Lender and makes certain other
changes to the STRATTEC Credit Agreement. The STRATTEC Fourth
Amendment and the First Amendment to the Amended and Restated
Security Agreement with the Lender are attached hereto as
Exhibits 10.1 and 10.2, respectively, and each is incorporated
herein by reference.
Additionally, effective as of June 26, 2017, ADAC-STRATTEC, LLC,
a majority owned subsidiary of the Company
(“ADAC-STRATTEC“), entered into a fourth amendment (the
“ADAC-STRATTEC Fourth Amendment“) to its June 28, 2012
Credit Agreement, as previously amended by an Amendment No. 1
dated January 22, 2014, an Amendment No. 2 dated June 25, 2015
and an Amendment No. 3 dated April 27, 2016 (collectively, the
“ADAC-STRATTEC Credit Agreement“), with BMO Harris Bank
N.A., as lender. The ADAC-STRATTEC Fourth Amendment extends the
term of the ADAC-STRATTEC Credit Agreement through August 1,
2020, increases the maximum borrowing availability under this
secured revolving credit facility from $20 million to $25 million
and makes certain other changes described in the amendment to
ADAC-STRATTEC, LLC’s required financial covenants. The
ADAC-STRATTEC Fourth Amendment is attached hereto as Exhibit 10.3
and is incorporated herein by reference.
Section 2 – Financial Information
Item 2.03 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant |
As described above under Item 1.01, on June 26, 2017, each of the
Company and ADAC-STRATTEC entered into amendments to their
respective credit agreements with BMO Harris Bank N.A. extending
the term of each credit facility and making certain other changes
thereto described above.
Section 9 – Financial Statements and Exhibits
Item 9.01 |
Financial Statements and Exhibits |
(d) |
Exhibits
|
The following exhibits are filed herewith:
Exhibit 10.1 Amendment No. 4 to STRATTEC Credit Agreement, dated
as of June 26, 2017, between STRATTEC SECURITY CORPORATION and
BMO Harris Bank N.A., as lender.
Exhibit 10.2 Amendment No. 1 to Amended and Restated Security
Agreement, dated as of June 26, 2017, between STRATTEC SECURITY
CORPORATION and BMO Harris Bank N.A., as lender.
Exhibit 10.3 Amendment No. 4 to ADAC-STRATTEC Credit Agreement,
dated as of June 26, 2017, between ADAC-STRATTEC, LLC and BMO
Harris Bank N.A., as lender.
STRATTEC SECURITY CORP ExhibitEX-10.1 2 ex10_1.htm EXHIBIT 10.1 Exhibit 10.1 AMENDMENT NO. 4 TO CREDIT AGREEMENT As of June 26,…To view the full exhibit click here About STRATTEC SECURITY CORPORATION (NASDAQ:STRT)
Strattec Security Corporation designs, develops, manufactures and markets automotive access control products. The Company offers access control products, including mechanical locks and keys, electronically enhanced locks and keys, steering column and instrument panel ignition lock housings, latches, power sliding side door systems, power lift gate systems, power deck lid systems, door handles and related products for North American automotive customers. The Company supplies its products under the VAST brand name. The Company’s products are shipped to customer locations in the United States, Canada, Mexico, Europe, South America, Korea and China, and it also provides full service and aftermarket support. The Company provides its customers with engineered access control products, including locksets, fobs, push button ignition systems, steering column lock housings, seatback and secondary power liftgate systems, power decklids, door handles, and trim and other access products.