Core & Main Enters Material Agreement, Incurs Financial Obligation
Ticker: CNM · Form: 8-K · Filed: May 23, 2024 · CIK: 1856525
| Field | Detail |
|---|---|
| Company | Core & Main, INC. (CNM) |
| Form Type | 8-K |
| Filed Date | May 23, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.01, $1,459 m |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, financial-obligation
TL;DR
Core & Main just signed a big deal and took on debt.
AI Summary
On May 21, 2024, Core & Main, Inc. entered into a material definitive agreement and created a direct financial obligation. The company, headquartered in St. Louis, Missouri, filed an 8-K report on May 23, 2024, detailing these events.
Why It Matters
This filing indicates a significant new financial commitment or agreement for Core & Main, Inc., which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements and incurring financial obligations can introduce new risks related to the terms of the agreement and the company's ability to meet its financial commitments.
Key Players & Entities
- Core & Main, Inc. (company) — Registrant
- May 21, 2024 (date) — Date of earliest event reported
- May 23, 2024 (date) — Date of report
- St. Louis, Missouri (location) — Principal executive offices
FAQ
What specific material definitive agreement did Core & Main, Inc. enter into?
The filing indicates the entry into a material definitive agreement but does not specify the details of the agreement itself within the provided text.
What is the nature of the direct financial obligation or off-balance sheet arrangement?
The filing states that a direct financial obligation or an obligation under an off-balance sheet arrangement was created, but the specific details are not provided in this excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on May 21, 2024.
What is the principal executive office address for Core & Main, Inc.?
The principal executive offices are located at 1830 Craig Park Court, St. Louis, Missouri 63146.
What is the SEC file number for Core & Main, Inc.?
The SEC file number for Core & Main, Inc. is 001-40650.
Filing Stats: 932 words · 4 min read · ~3 pages · Grade level 11.7 · Accepted 2024-05-23 16:10:32
Key Financial Figures
- $0.01 — stered Class A common stock, par value $0.01 per share CNM New York Stock Exchange
- $1,459 m — nt) in an aggregate principal amount of $1,459 million, the proceeds of which, together
Filing Documents
- cnm-20240521.htm (8-K) — 34KB
- seniortermloanfacility4tha.htm (EX-10.1) — 155KB
- 0001856525-24-000067.txt ( ) — 332KB
- cnm-20240521.xsd (EX-101.SCH) — 2KB
- cnm-20240521_lab.xml (EX-101.LAB) — 21KB
- cnm-20240521_pre.xml (EX-101.PRE) — 12KB
- cnm-20240521_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. Credit Agreement Amendment On May 21, 2024, Core & Main LP, a wholly owned subsidiary of Core & Main, Inc. (" Core & Main "), entered into a Fourth Amendment (the " Fourth Amendment ") to its existing Credit Agreement, dated as of August 1, 2017, as amended by the Lender Joinder Agreement, dated as of July 8, 2019, the First Amendment, dated as of July 27, 2021, the Second Amendment, dated as of February 26, 2023, and the Third Amendment, dated as of February 9, 2024 (the " Existing Credit Agreement "; and the Existing Credit Agreement as amended by the Fourth Amendment, the " Credit Agreement "), by and among Core & Main, the subsidiary borrowers from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the several banks and other financial institutions from time to time party thereto, in order to, among other things, ( i ) borrow Specified Refinancing Term Loans (as defined in the Existing Credit Agreement) in the form of Tranche D Term Loans (as defined in the Fourth Amendment) in an aggregate principal amount of $1,459 million, the proceeds of which, together with cash on hand and any borrowings under the Senior ABL Agreement (as defined in the Existing Credit Agreement), will be used to ( a ) repay the Tranche B Term Loans outstanding on the date of the Fourth Amendment that are not exchanged for Tranche D Term Loans pursuant to the Fourth Amendment and/or ( b ) to pay fees, costs and expenses incurred in connection with the foregoing and ( ii ) amend the Existing Credit Agreement to the extent necessary or appropriate to reflect the incurrence of the Tranche D Term Loans (as defined in the Fourth Amendment) and provide for any other amendments to the Existing Credit Agreement as any authorized officer may deem necessary or appropriate. The Tranche D Term Loans bear annual interest at a floating rate measured by reference to, at Core & Main's option,
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Fourth Amendment to the Credit Agreement, dated as of May 21, 2024, by and among Core & Main LP, the several banks and other financial institutions party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent. 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. Date: May 23, 2024 CORE & MAIN, INC. By: /s/ Mark G. Whittenburg Name: Mark G. Whittenburg Title: General Counsel and Secretary