secwatch.observer — SEC 8-K summary
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Issuer:     APPLIED INDUSTRIAL TECHNOLOGIES INC (AIT)
CIK:        0000109563
Form:       8-K
Filed at:   2023-08-09T23:59:59+00:00
Accession:  0001193125-23-207347
Event type: debt
Sentiment:  neutral
Materiality: 0.45
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Applied Industrial extends receivables securitization facility maturity to Aug 2026
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- Maturity of receivables facility extended from March 2024 to August 4, 2026.
- Default ratio threshold set at 3.50%, delinquency ratio at 9.00%, dilution ratio at 6.00% (3-month average).
- Days' Sales Outstanding covenant increased to 65 calendar days.
- Debt threshold for cross-acceleration raised to $50M per event.
- Performance Guaranty reaffirmed by Applied Industrial.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/109563/000119312523207347/0001193125-23-207347-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/109563/000119312523207347/d525286d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-207347

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