Key Tronic Corp Enters Material Definitive Agreement
Ticker: KTCC · Form: 8-K · Filed: May 13, 2024 · CIK: 719733
| Field | Detail |
|---|---|
| Company | Key Tronic Corp (KTCC) |
| Form Type | 8-K |
| Filed Date | May 13, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 2 min |
| Sentiment | neutral |
Sentiment: neutral
Topics: material-definitive-agreement, corporate-action
TL;DR
Key Tronic Corp signed a big deal on May 7th, details TBD.
AI Summary
Key Tronic Corporation announced on May 7, 2024, that it entered into a Material Definitive Agreement. The filing does not provide specific details about the agreement, dollar amounts, or parties involved, but it indicates a significant event for the company.
Why It Matters
This filing signals a significant business development for Key Tronic Corp, potentially impacting its operations, financial standing, or strategic direction.
Risk Assessment
Risk Level: medium — The lack of specific details in the filing regarding the material definitive agreement introduces uncertainty about its nature and potential impact.
Key Players & Entities
- Key Tronic Corporation (company) — Registrant
- May 7, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the Material Definitive Agreement entered into by Key Tronic Corporation?
The filing states that Key Tronic Corporation entered into a Material Definitive Agreement on May 7, 2024, but does not provide specific details about the agreement itself.
Who are the parties involved in this Material Definitive Agreement?
The filing does not disclose the names of the other parties involved in the Material Definitive Agreement.
What is the effective date of this Material Definitive Agreement?
The earliest event reported in the filing is May 7, 2024, which is the date Key Tronic Corporation entered into the Material Definitive Agreement.
Does this filing provide any financial implications of the Material Definitive Agreement?
No, this filing does not provide any specific financial amounts or implications related to the Material Definitive Agreement.
Where is Key Tronic Corporation headquartered?
Key Tronic Corporation is headquartered at 4424 North Sullivan Road, Spokane Valley, Washington 99216.
Filing Stats: 615 words · 2 min read · ~2 pages · Grade level 10.5 · Accepted 2024-05-10 18:03:38
Filing Documents
- ktcc-20240507.htm (8-K) — 31KB
- keytronic_fourthamendmentt.htm (EX-10.1) — 89KB
- 0000719733-24-000017.txt ( ) — 253KB
- ktcc-20240507.xsd (EX-101.SCH) — 2KB
- ktcc-20240507_lab.xml (EX-101.LAB) — 21KB
- ktcc-20240507_pre.xml (EX-101.PRE) — 12KB
- ktcc-20240507_htm.xml (XML) — 3KB
01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT On May 7, 2024, Key Tronic Corporation (the "Company") and certain of its domestic subsidiaries executed the Fourth Amendment (the "Amendment") to the Loan, Guaranty, and Security Agreement, dated as of August 14, 2020 (the "Loan Agreement"), effective as of March 29, 2024, with Bank of America, N.A., as agent, sole lead arranger, sole bookrunner, and lender. The Amendment modified debt covenant provisions to reduce the minimum requirement for the fixed charge coverage ratio from 1.25:1.00 to 1.00:1.00 as of March 30, 2024 and allow for the add back of severance expenses incurred during the quarter ended March 30, 2024. The minimum requirement for the fixed charge coverage ratio will increase as follows: 1.05:1.00 on July 27, 2024, 1.15:1.00 on October 26, 2024, 1.20:1.00 on January 25, 2025 and 1.25:1.00 on and after March 29, 2025. In addition, the amendment increased the interest rate by 100 basis points beginning on March 29, 2024 and moved forward the maturity date by one year to September 3, 2025. The foregoing description is not complete and is qualified in its entirety by reference to the Amendment, which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
01 FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS (d) Exhibits Exhibit Number Description 10.1 Fourth Amendment to Loan, Guaranty and Security Agreement, dated May 7, 2024, among the Company, Bank of America, N.A. and certain other parties 104 Cover Page Interactive Data File – the cover page XBRL tags are embedded within the Inline XBRL document 2
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. KEY TRONIC CORPORATION (Registrant) Date: May 10, 2024 By: /s/ Brett R. Larsen Brett R. Larsen, Executive Vice President of Administration, CFO and Treasurer 3