secwatch.observer — SEC 8-K summary
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Issuer:     STRATTEC SECURITY CORP (STRT)
CIK:        0000933034
Form:       8-K
Filed at:   2023-02-07T23:59:59+00:00
Accession:  0001140361-23-005020
Event type: debt
Sentiment:  neutral
Materiality: 0.25
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/933034/000114036123005020/0001140361-23-005020-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/933034/000114036123005020/brhc10047640_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-005020

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