Super Micro Computer Secures $500M Credit Facility

Ticker: SMCI · Form: 8-K · Filed: Jun 21, 2024 · CIK: 1375365

Super Micro Computer, Inc. 8-K Filing Summary
FieldDetail
CompanySuper Micro Computer, Inc. (SMCI)
Form Type8-K
Filed DateJun 21, 2024
Risk Levellow
Pages3
Reading Time4 min
Key Dollar Amounts$0.001, $600.0 m
Sentimentneutral

Sentiment: neutral

Topics: credit-facility, financing, debt

Related Tickers: SMCI

TL;DR

SMCI just inked a $500M credit line with Bank of America, maturing in 2029.

AI Summary

On June 14, 2024, Super Micro Computer, Inc. entered into a material definitive agreement, specifically a credit agreement with Bank of America, N.A. as administrative agent. This agreement establishes a new $500 million revolving credit facility, which may be increased up to $1.0 billion under certain conditions. The facility matures on June 14, 2029.

Why It Matters

This new credit facility provides Super Micro Computer with significant financial flexibility to support its growth and operational needs.

Risk Assessment

Risk Level: low — The filing details a standard credit agreement, which is a common and generally low-risk financial transaction for a company of this size.

Key Numbers

  • $500M — Revolving Credit Facility (Initial amount secured from Bank of America, N.A.)
  • $1.0B — Potential Credit Facility Increase (Maximum amount the facility can be expanded to.)
  • 2029 — Credit Facility Maturity (The date by which the credit facility must be repaid.)

Key Players & Entities

  • Super Micro Computer, Inc. (company) — Registrant
  • Bank of America, N.A. (company) — Administrative Agent
  • $500 million (dollar_amount) — Initial revolving credit facility amount
  • $1.0 billion (dollar_amount) — Maximum potential revolving credit facility amount
  • June 14, 2029 (date) — Maturity date of the credit facility
  • June 14, 2024 (date) — Date of the credit agreement

FAQ

What is the primary purpose of the new credit agreement?

The filing indicates the credit agreement establishes a new revolving credit facility, suggesting it's for general corporate purposes and to support growth.

Who is the administrative agent for the new credit facility?

Bank of America, N.A. is named as the administrative agent for the credit facility.

What is the maximum amount Super Micro Computer can borrow under this facility?

The credit facility can be increased up to $1.0 billion under certain conditions, from an initial $500 million.

When does the new credit facility expire?

The credit facility matures on June 14, 2029.

What type of agreement is detailed in this 8-K filing?

This 8-K filing details the entry into a material definitive agreement, specifically a credit agreement.

Filing Stats: 915 words · 4 min read · ~3 pages · Grade level 11.6 · Accepted 2024-06-21 16:29:56

Key Financial Figures

  • $0.001 — ange on which registered Common Stock, $0.001 par value SMCI The NASDAQ Global Select
  • $600.0 m — of the Service Order is estimated to be $600.0 million, which amount includes the monthl

Filing Documents

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement On June 14, 2024, Super Micro Computer, Inc. (the "Company") entered into a Master Colocation Services Agreement (the "MCSA") with 4701 Santa Fe, LLC (the "Supplier") to lease certain data center space owned by the Supplier. The MCSA is a master agreement containing general terms and conditions with the Supplier for any data center space that may be occupied by the Company, with each individual data center space to be documented under an individual service order that will have the property and space specifications. Concurrent with the execution of the MCSA, the Company entered into that certain Service Order MCSA-001 (the "Service Order") with the Supplier to lease data center space located in Vernon, California (the "Data Center Space"), which Service Order is governed by the MCSA. Pursuant to the Service Order, the Company has agreed to lease 21 MW of a multi-tenanted facility from the Supplier for a term of 10 years. The Company's aggregate financial obligation for the term of the Service Order is estimated to be $600.0 million, which amount includes the monthly recurring charges, power charges and other anticipated costs. Concurrent with the execution of the MCSA and the Service Order, the Company entered into that certain Sublicense (the "Sublicense") with Lambda, Inc. (the "Sublicensee") to sublicense all of the Company's rights and obligations with respect to the Data Center Space. Pursuant to the Sublicense, the Sublicensee agreed to assume and perform all of the Company's obligations, covenants, representations and terms under the MCSA and Service Order. The Sublicensee is obligated to pay to the Company the monthly recurring charges due from the Company under the Service Order plus an additional monthly charge. The Sublicensee is obligated pay all other charges due from the Company under the MCSA and Service Order directly to the Supplier. The payments owed by the Company under the Service Order

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits Exhibit Number Description 10.1 Master Colocation Services Agreement, dated June 14, 2024, by and between Super Micro Computer, Inc. and 4701 Santa Fe, LLC 10.2 Service Order MCSA-001, dated June 14, 2024, by and between Super Micro Computer, Inc. and 4701 Santa Fe, LLC 10.3 Sublicense, dated June 14, 2024, by and between Super Micro Computer, Inc. and Lambda, Inc. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) Portions of this exhibit have been redacted in compliance with Regulation S-K Item 601(b)(10). 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. SUPER MICRO COMPUTER, INC. Date: June 21, 2024 By: /s/ Charles Liang President, Chief Executive Officer and Chairman of the Board (Principal Executive Officer)

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