Knowles Corp (KN): debt financing — Knowles posts $2.28 GAAP loss on $231M goodwill impairment; Q4 rev down 16% YoY; Q1 outlook weak

Knowles Corp

2022-FY EPS reported -$4.69 revenue$764,700,000

Q4 revenue $197.1M vs $234.3M YoY; GAAP diluted EPS $(2.28) includes $231.1M goodwill impairment in Consumer MEMS segment.
Non-GAAP diluted EPS $0.33; non-GAAP gross margin 40.4% above guided high end (39.5%).
Q1 2023 guidance: revenue $140-155M, non-GAAP EPS $0.01-0.07; cited weak consumer demand and inventory adjustments.
Precision Devices and MedTech & Specialty Audio delivered record full-year Adj. EBIT (+29% and +10% YoY).
$400M senior secured revolving credit facility amended and extended to Feb 2028, replacing prior Jan 2024 maturity.

item 1.01 item 2.02 item 9.01 item 2.03

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.98

Knowles Corp amended credit facility of US$400,000,000 with JPMorgan Chase Bank, N.A. and a syndicate of other financial institutions at Term SOFR, Daily Simple Sonia, or EURIBOR plus Applicable Margin, or ABR plus Ap maturing February 8, 2028.

Instrument: credit facility
Principal: US$400,000,000
Counterparty: JPMorgan Chase Bank, N.A. and a syndicate of other financial institutions
Rate: Term SOFR, Daily Simple Sonia, or EURIBOR plus Applicable Margin, or ABR plus Ap
Maturity: February 8, 2028
Event: amendment

Exact text from the filing

the lenders party thereto, and provides for a senior secured revolving credit facility with borrowings in an aggregate principal amount at any time outstanding not to exceed US$400,000,000 (the “Credit Facility”). The New Credit Agreement, among other things, extends the maturity date of the Credit Facility from January 2024 to February 2028, replaces the London

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Earnings Releases SEC 8-K Item 2.02 confidence 0.4

Knowles Corp reported financial results for for the fourth quarter and year ended December 31, 2022.

Period: for the fourth quarter and year ended December 31, 2022
Result: reported results

Exact text from the filing

On February 9, 2023, Knowles Corporation issued a press release announcing its results of operations for the year and quarter ended December 31, 2022

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Knowles Corp amended New Credit Agreement with JPMorgan Chase Bank, N.A. valued at US$400,000,000 (effective 2023-02-08).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: US$400,000,000
Effective: 2023-02-08

Exact text from the filing

On February 8, 2023, Knowles Corporation (the “Company”) entered into an Amended and Restated Credit Agreement (the “New Credit Agreement”) among the Company and one or more of its subsidiaries designated from time to time by the Company (together with the Company, the “Borrowers”), JPMorgan Chase Bank, N.A. (“JPMorgan”), as administrative agent (the “Administrative Agent”), and a syndicate of other financial institutions (the “Lenders”) named in the New Credit Agreement.

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Knowles Corp filing history →

Source: SEC EDGAR

accession 0001587523-23-000019

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