Key Tronic Corp Files 8-K for Material Agreement

TL;DR

Key Tronic Corp just signed a big deal, filing an 8-K to let everyone know.

AI Summary

Key Tronic Corporation filed an 8-K on October 10, 2024, reporting an entry into a material definitive agreement. The filing was made as of October 9, 2024, and concerns the company's operations in Washington state.

Why It Matters

This filing indicates a significant new contract or partnership for Key Tronic Corp, which could impact its future revenue and operational strategy.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that are not yet fully understood by the market.

Key Numbers

• 0-11559 — SEC File Number (Identifies the company's filing with the SEC.)
• 91-0849125 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• Key Tronic Corporation (company) — Registrant
• Washington (location) — State of incorporation
• October 9, 2024 (date) — Date of earliest event reported
• October 10, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $8 million — orrowing under the Loan Agreement, from $8 million to $10 million, with further increases
• $10 m — the Loan Agreement, from $8 million to $10 million, with further increases to $11 mi
• $11 million — $10 million, with further increases to $11 million and $12 million to be effective on Dece
• $12 million — th further increases to $11 million and $12 million to be effective on December 31, 2024 an

Filing Documents

• ktcc-20241009.htm (8-K) — 31KB
• a-babcxkeytronicxsixthamen.htm (EX-10.1) — 67KB
• 0000719733-24-000105.txt ( ) — 230KB
• ktcc-20241009.xsd (EX-101.SCH) — 2KB
• ktcc-20241009_lab.xml (EX-101.LAB) — 21KB
• ktcc-20241009_pre.xml (EX-101.PRE) — 12KB
• ktcc-20241009_htm.xml (XML) — 3KB

01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT On October 9, 2024, Key Tronic Corporation (the "Company") and certain of its domestic subsidiaries executed the Sixth Amendment (the "Amendment") to the Loan, Guaranty, and Security Agreement, dated as of August 14, 2020 (as amended from time to time, the "Loan Agreement"), effective as of October 9, 2024, with Bank of America, N.A., as agent, sole lead arranger, sole bookrunner, and lender. The Amendment waived existing events of default relating to non-compliance with (a) prescribed fixed charge coverage ratios for the periods ending June 29, 2024 and July 27, 2024 and (b) delivering audited financial statements within 90 days of the Company's fiscal year-end. The Amendment increased the interest rate by 50 basis points beginning on October 9, 2024 so that the applicable margin on base rate loans will now be 3.50% and term SOFR loans will now be 4.50%. In addition, the Amendment increased the availability block, which limits available borrowing under the Loan Agreement, from $8 million to $10 million, with further increases to $11 million and $12 million to be effective on December 31, 2024 and March 31, 2025, respectively. 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 Sixth Amendment to Loan, Guaranty and Security Agreement, dated September 27, 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: October 10, 2024 By: /s/ Anthony G. Voorhees Anthony G. Voorhees, Executive Vice President of Administration, CFO and Treasurer 3

View Full Filing

View this 8-K filing on SEC EDGAR