Core Molding announces $7.5M stock buyback program; credit agreement amended to allow up to $5M/yr in repurchases.

CORE MOLDING TECHNOLOGIES INC

Board authorized $7.5M open-market repurchase of common stock (CMT).
Credit agreement amended to increase allowable repurchases from $500k to $5M per year.
CEO Duvall cites operational performance and balance sheet strength as enabling buyback while funding growth.
Program does not obligate company to repurchase any specific amount; may be suspended or terminated.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CORE MOLDING TECHNOLOGIES INC amended First Amendment with The Huntington National Bank valued at $5,000,000 (effective 2024-03-07).

Action: amendment
Agreement: credit facility
Counterparty: The Huntington National Bank
Value: $5,000,000
Effective: 2024-03-07

Exact text from the filing

On March 7, 2024, Core Molding Technologies, Inc. (the “Company”) entered into a First Amendment (the “First Amendment”) to the Credit Agreement dated July 22, 2022 (the “Credit Agreement”) with The Huntington National Bank, as administrative agent, sole lead arranger and sole bookrunner, and the lenders from time-to-time party thereto.

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Source: SEC EDGAR

accession 0001026655-24-000025

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