Core Molding Technologies Enters Credit Agreement, Announces Stock Repurchase

TL;DR

CMT inked a new credit deal and is buying back stock.

AI Summary

On March 11, 2024, Core Molding Technologies, Inc. entered into a Material Definitive Agreement, specifically a Credit Agreement, and announced a Stock Repurchase program. The company is incorporated in Delaware and headquartered in Columbus, Ohio.

Why It Matters

This filing indicates a potential shift in the company's capital structure and shareholder return strategy, which could impact its financial flexibility and stock valuation.

Risk Assessment

Risk Level: medium — The new credit agreement and stock repurchase program introduce financial leverage and potential changes in ownership structure, which carry inherent risks.

Key Players & Entities

• Core Molding Technologies, Inc. (company) — Registrant
• March 11, 2024 (date) — Date of Report
• Delaware (jurisdiction) — State of Incorporation
• Columbus, Ohio (location) — Principal Executive Office
• 001-12505 (identifier) — Commission File Number
• 31-1481870 (identifier) — I.R.S. Employer Identification No.

FAQ

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 CMT NYSE American LLC Preferred Stock
• $500,000 — from an aggregate amount not to exceed $500,000 in any calendar year to an aggregate am
• $5,000,000 — ar to an aggregate amount not to exceed $5,000,000 in any calendar year. The foregoing d

Filing Documents

• cmt-20240311.htm (8-K) — 35KB
• firstamendmenttocreditagre.htm (EX-10.1) — 29KB
• pressreleasedatedmarch1120.htm (EX-99.1) — 10KB
• 0001026655-24-000025.txt ( ) — 207KB
• cmt-20240311.xsd (EX-101.SCH) — 2KB
• cmt-20240311_lab.xml (EX-101.LAB) — 21KB
• cmt-20240311_pre.xml (EX-101.PRE) — 12KB
• cmt-20240311_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On March 7, 2024, Core Molding Technologies, Inc. (the "Company") entered into a First Amendment (the "First Amendment") to the Credit Agreement dated July 22, 2022 (the "Credit Agreement") with The Huntington National Bank, as administrative agent, sole lead arranger and sole bookrunner, and the lenders from time-to-time party thereto. Unless otherwise defined herein, defined terms shall have the meanings set forth in the Credit Agreement. The First Amendment increased the Restricted Payments the Company may make for the purpose of repurchasing Equity Interests of the Company under any share buyback plan from an aggregate amount not to exceed $500,000 in any calendar year to an aggregate amount not to exceed $5,000,000 in any calendar year. The foregoing descriptions of the First Amendment do not purport to be complete and are qualified in their entirety by reference to the First Amendment, a copy of which is attached to this Form 8-K as Exhibit 10.1 and is incorporated herein by reference.

01 Other Events

Item 8.01 Other Events On March 11 , 2024, Core Molding Technologies, Inc. (the "Company") issued a press release announcing that its Board of Directors has approved a stock repurchase program authorizing the Company to repurchase up to $ 7,500,000 of its outstanding shares of common stock. Repurchases of shares of common stock under the stock repurchase program will be made in the open market and in accordance with applicable securities laws. The stock repurchase program does not obligate the Company to acquire any particular amount of common stock, and it may be suspended or terminated at any time at the Company's discretion. The foregoing description of the press release is qualified in its entirety by reference to the complete text of the press release furnished as Exhibit 99.1 hereto, which is hereby incorporated by reference herein.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 First Amendment to Credit Agreement 99.1 Press Release dated March 11, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CORE MOLDING TECHNOLOGIES, INC. Date: March 11, 2024 By: /s/ John P. Zimmer Name: John P. Zimmer Title: Executive Vice President, Treasurer, Secretary and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR