SIFCO Industries Amends Credit Agreement
Ticker: SIF · Form: 8-K · Filed: Oct 3, 2024 · CIK: 90168
Sentiment: neutral
Topics: credit-agreement, amendment, definitive-agreement
TL;DR
SIFCO amended its credit agreement, filing details today.
AI Summary
SIFCO Industries, Inc. entered into a material definitive agreement on September 27, 2024, related to a Turbine Extension and Amendment 11 and 6 to a Credit Agreement. The filing was made on October 3, 2024, and pertains to the company's financial statements and exhibits.
Why It Matters
This filing indicates a significant change in SIFCO Industries' credit arrangements, which could impact its financial flexibility and operational capacity.
Risk Assessment
Risk Level: medium — Amendments to credit agreements can signal financial strain or strategic shifts that carry inherent risks.
Key Players & Entities
- SIFCO Industries, Inc. (company) — Registrant
- September 27, 2024 (date) — Date of earliest event reported
- October 3, 2024 (date) — Filing date
- Turbine Extension and Amendment 11 and 6 to Credit Agreement (agreement) — Material definitive agreement
FAQ
What specific terms were amended in the Credit Agreement?
The filing mentions "Turbine Extension and Amendment 11 and 6 to Credit Agreement" but does not provide specific details of the amendments within the provided text.
What is the nature of the 'Turbine Extension' mentioned?
The provided text does not elaborate on the specifics of the 'Turbine Extension' beyond its inclusion in the agreement title.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on September 27, 2024.
What is SIFCO Industries, Inc.'s primary business as indicated by its SIC code?
SIFCO Industries, Inc.'s SIC code is 3724, which corresponds to AIRCRAFT ENGINES & ENGINE PARTS.
What is the filing date of this 8-K report?
This 8-K report was filed on October 3, 2024.
Filing Stats: 1,719 words · 7 min read · ~6 pages · Grade level 13.1 · Accepted 2024-10-02 18:32:51
Key Financial Figures
- $5,775.00 — e to the Lender in an amount equal to $5,775.00 and (b) a fee to the Export-Import Bank
- $5,454.17 — States of America in an amount equal to $5,454.17. First Amendment to Subordination and
Filing Documents
- sif-20240927.htm (8-K) — 43KB
- ex101amendmenttosharepurch.htm (EX-10.1) — 15KB
- ex102eleventhamendmenttocr.htm (EX-10.2) — 26KB
- ex103sixthamendmenttoexpor.htm (EX-10.3) — 23KB
- ex104firstamendmenttosubor.htm (EX-10.4) — 27KB
- ex105firstamendmenttosubor.htm (EX-10.5) — 25KB
- 0000090168-24-000040.txt ( ) — 308KB
- sif-20240927.xsd (EX-101.SCH) — 2KB
- sif-20240927_lab.xml (EX-101.LAB) — 21KB
- sif-20240927_pre.xml (EX-101.PRE) — 12KB
- sif-20240927_htm.xml (XML) — 3KB
01 Entry into Material Definitive Agreements
Item 1.01 Entry into Material Definitive Agreements. Amendment to Share Purchase Agreement. On September 27, 2024, SIFCO Irish Holdings Ltd., a wholly-owned subsidiary of SIFCO Industries, Inc. ("Seller") entered into the Amendment (the "Amendment to Share Purchase Agreement") to the Share Purchase Agreement (the "Share Purchase Agreement") by and between Seller and TBS S.r.l. ("Buyer) related to the sale of SIFCO's C Blade business as reported on the Form 8-K filed on August 6, 2024. Capitalized terms used but not otherwise defined herein shall have the meanings ascribed to them in the Share Purchase Agreement. The Amendment to Share Purchase Agreement amends the Share Purchase Agreement to, among other things (a) reflect the agreement of Buyer and Seller to extend the outside Closing Date of the transactions contemplated thereby from September 30, 2024 to November 6, 2024 to take into account the Golden Power authorization of the transaction that remains pending as of the date of the Amendment to Share Purchase Agreement; (b) memorialize the agreement of Buyer and Seller (i) that the Conditions provided for in Schedule 1 of the Share Purchase Agreement, except for the grant of the Golden Power authorization, have been duly satisfied as of the date of the Amendment to Share Purchase Agreement, or waived by the Buyer in accordance with Clause 2.1 thereof; and (ii) that the Parties intend to proceed to Closing as quickly as possible upon the release of Golden Power authorization, within two (2) Business Days from the grant of such authorization in a date and time to be agreed between the Parties in good faith; (c) authorize a credit in the amount of 100,000 in favor of Seller to be remitted in the event the Closing Date shall not occur by October 4, 2024; (d) require the payment of interest on the Purchase Price at a daily rate of sixteen percent (16%) per annum starting from October 5, 2024 and up to and including the Closing Date, which interest shall be paid
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits 10. 1 Amendment to Share Purchase Agreement, dated September 27, 2024, by and between SIFCO Irish Holdings Ltd. and TB2 S.r.l. 10.2 Eleventh Amendment to Credit Agreement, dated September 30, 2024, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC, and JPMorgan Chase Bank, N.A. 10.3 Sixth Amendment to Export Credit Agreement, dated September 30, 2024, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC, and JPMorgan Chase Bank, N.A. 10.4 First Amendment to Subordination and Intercreditor Agreement, dated September 30, 2024, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC, JPMorgan Chase Bank, N.A., and Garnet Holdings Inc. 10.5 First Amendment to Subordinated Secured Promissory Note, dated September 30, 2024, by and among SIFCO Industries, Inc., Quality Aluminum Forge, LLC and Garnet Holdings Inc. 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. SIFCO Industries, Inc. (Registrant) Date: October 2, 2024 /s/ Thomas R. Kubera Thomas R. Kubera Chief Financial Officer (Principal Financial Officer)