Hayward Holdings Announces Material Agreements & Officer Changes
Ticker: HAYW · Form: 8-K · Filed: Jul 9, 2024 · CIK: 1834622
| Field | Detail |
|---|---|
| Company | Hayward Holdings, INC. (HAYW) |
| Form Type | 8-K |
| Filed Date | Jul 9, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.001, $125 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-agreement, corporate-governance, financial-obligation
TL;DR
Hayward Holdings inked a big deal and shuffled execs/board on July 3rd.
AI Summary
Hayward Holdings, Inc. announced on July 3, 2024, the entry into a material definitive agreement and the creation of a direct financial obligation. The company also reported the departure of directors or certain officers, the election of directors, and the appointment of certain officers, along with compensatory arrangements. This filing details significant corporate governance and financial events for Hayward Holdings.
Why It Matters
This filing indicates significant corporate restructuring and financial commitments, which could impact the company's future operations and investor outlook.
Risk Assessment
Risk Level: medium — The filing details material definitive agreements and financial obligations, alongside changes in corporate leadership, which inherently carry medium risk due to potential impacts on strategy and financial performance.
Key Players & Entities
- Hayward Holdings, Inc. (company) — Registrant
- July 3, 2024 (date) — Date of earliest event reported
- 001-40208 (other) — SEC File Number
- 82-2060643 (other) — IRS Employer Identification No.
FAQ
What specific material definitive agreement did Hayward Holdings 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 created by Hayward Holdings?
The filing states the creation of a direct financial obligation but does not provide specific details about its nature or amount in the provided text.
Who are the directors or officers departing from Hayward Holdings?
The filing mentions the departure of directors or certain officers but does not name the individuals involved in the provided text.
Were new directors elected or officers appointed?
Yes, the filing indicates the election of directors and the appointment of certain officers, along with compensatory arrangements, but does not name them.
What is the primary business of Hayward Holdings, Inc. according to its SIC code?
According to its SIC code [3580], Hayward Holdings, Inc. is in the REFRIGERATION & SERVICE INDUSTRY MACHINERY sector.
Filing Stats: 1,013 words · 4 min read · ~3 pages · Grade level 11.6 · Accepted 2024-07-09 16:33:14
Key Financial Figures
- $0.001 — ich registered Common stock, par value $0.001 per share HAYW New York Stock Exchange
- $125 million — the Purchase Agreement consist of up to $125 million in accounts receivable generated by sal
Filing Documents
- hayw-20240703.htm (8-K) — 32KB
- exhibit101-receivablespurc.htm (EX-10.1) — 336KB
- hayw-20240703_g1.jpg (GRAPHIC) — 5KB
- 0001834622-24-000086.txt ( ) — 568KB
- hayw-20240703.xsd (EX-101.SCH) — 2KB
- hayw-20240703_lab.xml (EX-101.LAB) — 22KB
- hayw-20240703_pre.xml (EX-101.PRE) — 13KB
- hayw-20240703_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. Receivables Purchase Agreement On July 3, 2024, Hayward Industries, Inc. (in its capacity as seller and servicer, the "Seller"), a New Jersey corporation and a wholly-owned subsidiary of Hayward Holdings, Inc. (the "Company"), entered into a Receivables Purchase Agreement (the "Purchase Agreement") with Wells Fargo Bank, N.A., as purchaser (the "Purchaser"), pursuant to which the Seller may, from time to time, offer to sell to the Purchaser certain accounts receivable. Under the Purchase Agreement, the Seller may sell, and the Purchaser may purchase on a revolving uncommitted basis, certain eligible outstanding customer accounts receivable. The eligible accounts receivable to be sold under the Purchase Agreement consist of up to $125 million in accounts receivable generated by sales to specified customers of the Company. The Seller, as the servicer under the Purchase Agreement, will continue to service the accounts receivable sold to the Purchaser. The Seller will be paid a discounted purchase price for each receivable sold under the Purchase Agreement, which price may vary by obligor as set forth in the Purchase Agreement. The discount rate used to determine the purchase price for the subject receivables is based upon an annual interest rate equal to the forward-looking term rate based on the secured overnight financing rate for the period of time between payment to the Seller under the Purchase Agreement and the due date for the receivable plus a buffer period specific to the obligor, plus a margin applicable to the specified obligor. The Seller is not required to offer to sell any receivables and the Purchaser is not committed to purchase any receivables offered by the Seller. The Seller and the Purchaser may terminate the Purchase Agreement at any time upon 30 days' written notice, and the Purchaser may terminate the Purchase Agreement immediately upon written notice and the occurrence of certain sp
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits (d) Exhibits. Exhibit No. Description 10.1 Receivables Purchase Agreement, dated July 3, 2024, between Hayward Industries, Inc. and Wells Fargo Bank, N.A. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) SIGNATURE 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. HAYWARD HOLDINGS, INC. Date: July 9, 2024 By: /s/ Eifion Jones Eifion Jones Senior Vice President and Chief Financial Officer