secwatch.observer — SEC 8-K summary
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Issuer:     STRATTEC SECURITY CORP (STRT)
CIK:        0000933034
Form:       8-K
Filed at:   2023-08-25T23:59:59+00:00
Accession:  0001140361-23-041293
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 5.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/933034/000114036123041293/0001140361-23-041293-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/933034/000114036123041293/brhc20057981_8k.htm
  HTML page:      https://secwatch.observer/filing/0001140361-23-041293

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