secwatch.observer — SEC 8-K summary
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Issuer:     STRATTEC SECURITY CORP (STRT)
CIK:        0000933034
Form:       8-K
Filed at:   2024-05-31T23:59:59+00:00
Accession:  0000950170-24-067295
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

ADAC-Strattec (STRT sub) amends credit: revolver cut to $20M, rates up, maturity to 2026
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- Revolving commitment reduced from $25M to $20M now, $18M from Aug 1, 2025; maturity extended to Aug 1, 2026.
- SOFR loan margin increased from 1.25% to 3.00%; Base Rate margin from 0.00% to 2.00%.
- Unused fee raised to 0.25% from 0.15%; minimum tangible net worth covenant increased to $45M.
- STRATTEC continues to guarantee the credit facility under its existing corporate guarantee.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/933034/000095017024067295/0000950170-24-067295-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/933034/000095017024067295/form_8-k_credit_am_10_20.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-067295

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