---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-23-041293"
form_type: "8-K"
ticker: "STRT"
cik: "0000933034"
company_name: "STRATTEC SECURITY CORP"
filed_at: "2023-08-25T23:59:59+00:00"
generated_at: "2026-06-11T03:50:09.431767+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# STRATTEC amends credit facility; margin up 0.5%, maturity to 2026; Koss retires; board expands

## Summary
- Extended credit facility maturity to August 1, 2026 from August 1, 2024.
- Increased interest rate margin on SOFR loans from 1.25% to 1.75%; unused fee from 0.15% to 0.25%.
- Minimum consolidated net worth covenant raised to $150M from $125M, plus 50% of positive net earnings annually.
- Director Michael J. Koss to retire at Oct 10, 2023 annual meeting; not standing for re-election.
- Board expands to seven; nominates Zimmer, Lisman, Liebau (two shareholder-recommended); proposes declassification at 2024 meeting.

## SEC filing metadata
- accession: 0001140361-23-041293
- form_type: 8-K
- ticker: STRT
- cik: 0000933034
- company_name: STRATTEC SECURITY CORP
- filed_at: 2023-08-25T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 2.03, 5.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/933034/000114036123041293/0001140361-23-041293-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/933034/000114036123041293/brhc20057981_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-23-041293
- JSON: https://secwatch.observer/filing/0001140361-23-041293.json
- Plain text: https://secwatch.observer/filing/0001140361-23-041293.txt

## Key facts
- Debt Financings
  STRATTEC SECURITY CORP amended credit facility with BMO Harris Bank N.A. at increases the interest rate margin from 1.25% to 1.75% maturing extends the maturity date on the credit facility from August 1, 2024 to August 1, 2026.
  - Instrument: credit facility
  - Counterparty: BMO Harris Bank N.A.
  - Rate: increases the interest rate margin from 1.25% to 1.75%
  - Maturity: extends the maturity date on the credit facility from August 1, 2024 to August 1, 2026
  - Event: amendment
  source text: As described above under Item 1.01, on August 22, 2023, the Company entered into an amendment to its credit agreement with BMO Harris Bank N.A. extending the term of the credit facility, modifying the interest rate margin and the unused borrowing fee, amending the required minimum consolidated net worth covenant and making certain other changes described in the Amendment attached hereto.
  evidence_url: https://www.sec.gov/Archives/edgar/data/933034/000114036123041293/0001140361-23-041293-index.htm
- Executive change
  Michael J. Koss departed as director at STRATTEC SECURITY CORP.
  - Action: retiring
  - Role: director
  source text: On August 22, 2023, Michael J. Koss, a director of the Company, notified the Company, that he will be retiring from, and will not stand for re-election to, the Board of Directors as part of the Company's 2023 Annual Meeting of Shareholders to be held on October 10, 2023
  evidence_url: https://www.sec.gov/Archives/edgar/data/933034/000114036123041293/0001140361-23-041293-index.htm
- Material Agreements
  STRATTEC SECURITY CORP amended Ninth Amendment to Credit Agreement with BMO Harris Bank N.A. valued at Extended maturity to August 1, 2026; interest rate margin increased from 1.25% to 1.75%; unused borr (effective 2023-08-22).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: BMO Harris Bank N.A.
  - Value: Extended maturity to August 1, 2026; interest rate margin increased from 1.25% to 1.75%; unused borr
  - Effective: 2023-08-22
  source text: Effective as of August 22, 2023, STRATTEC SECURITY CORPORATION (the " Company ") entered into a ninth amendment (the " Amendment ") to its August 1, 2011 Credit Agreement, as previously amended by an Amendment No. 1 dated December 27, 2013, an Amendment No. 2 dated June 25, 2015, an Amendment No. 3 dated June 24, 2016, an Amendment No. 4 dated June 26, 2017, an Amendment No. 5 dated September 28, 2018, an Amendment No. 6 dated October 28, 2019, an Amendment No. 7 dated June 1, 2021 and an Amendment No. 8 dated February 22, 2023 (collectively, the " STRATTEC Credit Agreement "), with BMO Harris Bank N.A., as lender.
  evidence_url: https://www.sec.gov/Archives/edgar/data/933034/000114036123041293/0001140361-23-041293-index.htm

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