---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-005020"
form_type: "8-K"
ticker: "STRT"
cik: "0000933034"
company_name: "STRATTEC SECURITY CORP"
filed_at: "2023-02-07T23:59:59+00:00"
generated_at: "2026-06-19T23:38:39.287991+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.25
calibrated_materiality_score: 0.25
confidence: "high"
source: SEC EDGAR
---

# STRATTEC subsidiary ADAC-STRATTEC amends credit agreement: switches to SOFR, raises minimum net worth to $40M

## Summary
- Interest rate benchmark changed from LIBOR to Term SOFR plus 1.35% (or base rate).
- Minimum net worth requirement for ADAC-STRATTEC increased to $40 million.
- Fixed charge coverage ratio calculation modified.
- Amendment effective as of Feb 6, 2023; certain provisions effective upon expiration of current interest period.
- Guarantor STRATTEC SECURITY CORPORATION acknowledged and consented.

## SEC filing metadata
- accession: 0001140361-23-005020
- form_type: 8-K
- ticker: STRT
- cik: 0000933034
- company_name: STRATTEC SECURITY CORP
- filed_at: 2023-02-07T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.25
- calibrated_materiality_score: 0.25
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/933034/000114036123005020/0001140361-23-005020-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/933034/000114036123005020/brhc10047640_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-005020
- JSON: https://secwatch.observer/filing/0001140361-23-005020.json
- Plain text: https://secwatch.observer/filing/0001140361-23-005020.txt

## Key facts
- Debt Financings
  STRATTEC SECURITY CORP amended credit facility with BMO Harris Bank N.A. at Term SOFR plus 1.35 percent or the bank's base rate.
  - Instrument: credit facility
  - Counterparty: BMO Harris Bank N.A.
  - Rate: Term SOFR plus 1.35 percent or the bank's base rate
  - Event: amendment
  source text: As described above under Item 1.01, on February 6, 2023, ADAC-STRATTEC entered into an amendment to its credit agreement with BMO Harris Bank N.A. modifying the benchmark interest rate, amending the calculation of the fixed charge coverage ratio and the required level of minimum net worth and making certain other changes thereto described in the Amendment attached hereto.
  evidence_url: https://www.sec.gov/Archives/edgar/data/933034/000114036123005020/0001140361-23-005020-index.htm
- Material Agreements
  STRATTEC SECURITY CORP amended ADAC-STRATTEC Credit Agreement with BMO Harris Bank N.A. valued at Term SOFR plus 1.35 percent or the bank’s base rate, and fixed charge coverage ratio and minimum net (effective 2023-02-06).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: BMO Harris Bank N.A.
  - Value: Term SOFR plus 1.35 percent or the bank’s base rate, and fixed charge coverage ratio and minimum net
  - Effective: 2023-02-06
  source text: Effective as of February 6, 2023, ADAC-STRATTEC, LLC (“ ADAC-STRATTEC ”), a majority owned subsidiary of STRATTEC SECURITY CORPORATION (the “ Company ”), entered into a ninth amendment (the “ Amendment ”) to its June 28, 2012 Credit Agreement, as previously amended by an Amendment No. 1 dated January 22, 2014, an Amendment No. 2 dated June 25, 2015, an Amendment No. 3 dated April 27, 2016, an Amendment No. 4 dated June 26, 2017, an Amendment No. 5 dated March 27, 2018, an Amendment No. 6 dated December 30, 2018, an Amendment No. 7 dated October 28, 2019 and an Amendment No. 8 dated June 1, 2021 (collectively, the “ ADAC-STRATTEC Credit Agreement ”), with BMO Harris Bank N.A., as lender.
  evidence_url: https://www.sec.gov/Archives/edgar/data/933034/000114036123005020/0001140361-23-005020-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.