secwatch.observer — SEC 8-K summary
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Issuer:     KEY TRONIC CORP (KTCC)
CIK:        0000719733
Form:       8-K
Filed at:   2024-05-13T23:59:59+00:00
Accession:  0000719733-24-000017
Event type: debt
Sentiment:  negative
Materiality: 0.70
Item codes: 1.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Key Tronic amends credit agreement; loosens covenant but raises cost, shortens maturity
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- Fixed charge coverage ratio floor reduced to 1.00:1.00 (from 1.25:1) as of March 30, 2024, stepping back to 1.25:1 by March 29, 2025.
- Interest rate increased by 100 basis points effective March 29, 2024; maturity accelerated to September 3, 2025 (from original ~4 years later).
- Amendment allows add-back of up to $3.7M in one-time expenses incurred in March 2024 to EBITDA; $50,000 amendment fee payable.
- Availability block set at $8M; borrowing margins based on average daily availability tiers up to 4.00% over Term SOFR.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/719733/000071973324000017/0000719733-24-000017-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/719733/000071973324000017/ktcc-20240507.htm
  HTML page:      https://secwatch.observer/filing/0000719733-24-000017

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