secwatch.observer — SEC 8-K summary
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Issuer:     CAVCO INDUSTRIES, INC. (CVCO)
CIK:        0000278166
Form:       8-K
Filed at:   2022-11-23T23:59:59+00:00
Accession:  0000278166-22-000072
Event type: debt
Sentiment:  neutral
Materiality: 0.45
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cavco Industries enters $50M revolving credit facility with Bank of America, maturing 2027
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- $50M revolving credit facility with $10M letter of credit subfacility; matures Nov 22, 2027.
- Interest rate: Term SOFR + 1.125%-1.350% or Base Rate + 0.125%-0.350%; unused commitment fee 0.15%.
- Financial covenants: max total leverage ratio 3.25:1.00, minimum consolidated EBITDA of $75M.
- No borrowings outstanding as of Nov 22, 2022; facility guaranteed by certain subsidiaries.
- Borrower may request up to $100M in incremental facilities, subject to conditions and lender commitments.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/278166/000027816622000072/0000278166-22-000072-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/278166/000027816622000072/cvco-20221122.htm
  HTML page:      https://secwatch.observer/filing/0000278166-22-000072

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer