secwatch.observer — SEC 8-K summary
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Issuer:     KEY TRONIC CORP (KTCC)
CIK:        0000719733
Form:       8-K
Filed at:   2024-12-05T23:59:59+00:00
Accession:  0000719733-24-000146
Event type: debt
Sentiment:  neutral
Materiality: 0.70
Item codes: 1.01, 2.03, 1.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Key Tronic enters $115M revolver and $28M term loan, refinances prior Bank of America facility
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- $115M asset-based revolver with BMO, matures Dec 3, 2029; $75M outstanding at close.
- $28M term loan with Callodine, quarterly principal payments of $0.75M, matures earlier of Dec 2029 or revolver maturity.
- Interest rate: SOFR + 2.50%-3.00% for revolver; Term Loan at SOFR + 7.00% plus margin; both have 2.00% default rate.
- Financial covenants: fixed charge coverage ratio ≥1.00x monthly; Term Loan requires minimum trailing 12-month EBITDA rising from $14.3M to $25.8M.
- Write-off of ~$0.9M unamortized financing fees from prior facility; Prior Bank of America facility terminated.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/719733/000071973324000146/0000719733-24-000146-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/719733/000071973324000146/ktcc-20241203.htm
  HTML page:      https://secwatch.observer/filing/0000719733-24-000146

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