AECOM Amends Shimmick Corp. Ownership Filing
Ticker: ACM · Form: SC 13D/A · Filed: Sep 27, 2024 · CIK: 868857
Sentiment: neutral
Topics: ownership-change, sec-filing, amendment
TL;DR
AECOM updated its Shimmick Corp. stake filing - check the details.
AI Summary
AECOM filed an amendment (No. 2) to its Schedule 13D on September 27, 2024, regarding its ownership of Shimmick Corporation. The filing indicates a change in the beneficial ownership of Shimmick Corporation's common stock, with AECOM's stake now reported.
Why It Matters
This filing provides updated information on AECOM's stake in Shimmick Corporation, which could signal strategic intentions or changes in their business relationship.
Risk Assessment
Risk Level: medium — Changes in ownership filings can indicate shifts in corporate strategy or potential future transactions that could impact stock prices.
Key Players & Entities
- AECOM (company) — Filing entity and subject company
- Shimmick Corporation (company) — Subject company of the filing
- David Y. Gan (person) — Executive Vice President, Chief Legal Officer at AECOM
FAQ
What is the specific change in beneficial ownership reported by AECOM for Shimmick Corporation?
The filing is an amendment (No. 2) to Schedule 13D, indicating a change in beneficial ownership, but the exact percentage or number of shares acquired or disposed of is detailed within the full document.
When was this amendment filed with the SEC?
This amendment was filed on September 27, 2024.
What is AECOM's primary business?
AECOM is primarily involved in engineering services, with a Standard Industrial Classification code of 8711.
What is Shimmick Corporation's primary business?
Shimmick Corporation is primarily involved in heavy construction other than building construction, with a Standard Industrial Classification code of 1600.
What is the CUSIP number for Shimmick Corporation's common stock?
The CUSIP number for Shimmick Corporation's common stock is 82455M109.
Filing Stats: 1,276 words · 5 min read · ~4 pages · Grade level 12.8 · Accepted 2024-09-27 17:11:55
Key Financial Figures
- $0.01 — ame of Issuer) Common stock, par value $0.01 per share (Title of Class of Securiti
- $60 million — ement provides borrowing capacity up to $60 million. The obligations under the Credit Agree
Filing Documents
- tm2425153d1_sc13da.htm (SC 13D/A) — 41KB
- 0001104659-24-103775.txt ( ) — 43KB
Purpose of Transaction
Item 4. Purpose of Transaction.
of the Schedule 13D is hereby
Item 4 of the Schedule 13D is hereby amended and supplemented by amending and restating the disclosure under the subheading "Credit Agreement" to read as follows: Credit Agreement On May 20, 2024, the Issuer, as guarantor, and its wholly-owned subsidiaries as borrowers ("Borrowers"), Alter Domus (US) LLC, as agent (the "Agent"), and the Reporting Person and Berkshire Hathaway Specialty Insurance Company ("BHSI") as lenders, entered into a revolving credit facility (the "Credit Agreement"). The Credit Agreement provides borrowing capacity up to $60 million. The obligations under the Credit Agreement bear interest at a per annum rate equal to one month Term SOFR (as defined in the Credit Agreement), subject to a 1.00% floor, plus 3.50%. Interest on any outstanding amounts drawn under the Credit Agreement will be payable, in kind or in cash at the election of the Issuer, on the last day of each month and upon prepayment. The Issuer expects to use the proceeds from the Credit Agreement for general corporate purposes. The Credit Agreement matures on May 20, 2029 (the "Maturity Date"), and the Borrowers may borrow, repay and reborrow amounts under the Credit Agreement until the Maturity Date. Obligations of the Borrowers under the Credit Agreement are guaranteed by the Issuer, and secured by a lien on substantially all assets of the Issuer and the Borrowers. The Credit Agreement contains customary affirmative and negative covenants for a transaction of this type, including covenants that limit liens, asset sales and investments, in each case subject to negotiated exceptions and baskets. In addition, the Credit Agreement contains a maximum leverage ratio covenant that will be tested starting in the third quarter of fiscal year 2025. The Credit Agreement also contains representations and warranties and event of default provisions customary for a transaction of this type. On September 25, 2024, the Issuer entered into Amendment No. 1 (the "Credit Agreement Amendment")
Material to Be Filed as Exhibits
Item 7. Material to Be Filed as Exhibits.
of the Schedule 13D is hereby
Item 7 of the Schedule 13D is hereby amended and supplemented by adding the following exhibit: Exhibit 99.7 Amendment No. 1 to Credit, Security and Guaranty Agreement, dated September 25, 2024, by and among Shimmick Construction Company, Inc., Rust Constructors Inc., The Leasing Corporation, Shimmick Corporation, the other guarantors party thereto, the agent thereunder, and the lenders time to time party thereto (incorporated by reference to Exhibit 10.2 to the Issuer's Current Report on Form 8-K filed with the SEC on September 26, 2024) SIGNATURE After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this Statement is true, complete and correct. Date: September 27, 2024 AECOM By: /s/ David Y. Gan Name: David Y. Gan Title: Executive Vice President, Chief Legal Officer