TrueBlue Enters Material Agreement, New Financial Obligation
Ticker: TBI · Form: 8-K · Filed: Feb 12, 2024 · CIK: 768899
| Field | Detail |
|---|---|
| Company | Trueblue, INC. (TBI) |
| Form Type | 8-K |
| Filed Date | Feb 12, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 4 min |
| Key Dollar Amounts | $255 m, $405 million |
| Sentiment | neutral |
Complexity: simple
Sentiment: neutral
Topics: debt, material-agreement, financial-obligation
TL;DR
**TrueBlue just took on a new major financial obligation, details pending.**
AI Summary
TrueBlue, Inc. filed an 8-K on February 12, 2024, reporting an "Entry into a Material Definitive Agreement" and "Creation of a Direct Financial Obligation" as of February 9, 2024. This indicates the company has entered into a significant new contract or loan, which could impact its financial health and future operations. For investors, understanding the specifics of this agreement is crucial as it could signal new growth opportunities or increased financial leverage, directly affecting the stock's valuation.
Why It Matters
This filing signals a potentially significant change in TrueBlue's financial structure or operational commitments, which could affect its profitability and risk profile.
Risk Assessment
Risk Level: medium — The filing indicates a new financial obligation without providing specific details, creating uncertainty about its nature and potential impact on the company's financial health.
Analyst Insight
A smart investor would await further details on the 'Material Definitive Agreement' and 'Direct Financial Obligation' to assess their financial implications before making any investment decisions regarding TrueBlue, Inc.
Key Players & Entities
- TrueBlue, Inc. (company) — the registrant filing the 8-K
- February 9, 2024 (date) — date of the earliest event reported
- February 12, 2024 (date) — date the 8-K was filed
- Washington (company) — state of incorporation for TrueBlue, Inc.
- 001-14543 (company) — Commission File Number for TrueBlue, Inc.
- 91-1287341 (company) — IRS Employer Identification No. for TrueBlue, Inc.
- 1015 A Street, Tacoma, Washington 98402 (company) — principal executive offices address for TrueBlue, Inc.
- 253-383-9101 (company) — telephone number for TrueBlue, Inc.
- TBI (company) — trading symbol for TrueBlue, Inc. common stock
- New York Stock Exchange (company) — exchange where TrueBlue, Inc. common stock is registered
FAQ
What specific items were reported in this 8-K filing by TrueBlue, Inc.?
TrueBlue, Inc. reported an "Entry into a Material Definitive Agreement" and the "Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant" as of February 9, 2024.
What is the earliest event date reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on February 9, 2024.
When was this 8-K filing submitted to the SEC?
This 8-K filing was submitted to the SEC on February 12, 2024.
What is TrueBlue, Inc.'s trading symbol and on which exchange is its common stock registered?
TrueBlue, Inc.'s common stock trades under the symbol TBI and is registered on the New York Stock Exchange.
What is the business address and phone number of TrueBlue, Inc. as stated in the filing?
TrueBlue, Inc.'s business address is 1015 A Street, Tacoma, Washington 98402, and its telephone number is (253) 383-9101.
Filing Stats: 965 words · 4 min read · ~3 pages · Grade level 7.9 · Accepted 2024-02-12 16:07:30
Key Financial Figures
- $255 m — olving line of credit facility of up to $255 million, matures in five years, and also
- $405 million — the total amount of the facility up to $405 million. Financial covenants. The Agreement c
Filing Documents
- tbi-20240209.htm (8-K) — 46KB
- exhibit101finalamendedandr.htm (EX-10.1) — 1498KB
- tbi-20240209_g1.gif (GRAPHIC) — 10KB
- 0000768899-24-000037.txt ( ) — 1942KB
- tbi-20240209.xsd (EX-101.SCH) — 2KB
- tbi-20240209_lab.xml (EX-101.LAB) — 24KB
- tbi-20240209_pre.xml (EX-101.PRE) — 12KB
- tbi-20240209_htm.xml (XML) — 3KB
01. Entry into a Material Definitive Agreement
Item 1.01. Entry into a Material Definitive Agreement. On February 9, 2024 , TrueBlue, Inc. (the "company") entered into an Amended and Restated Credit Agreement (the "Agreement"). The Agreement amends and restates in its entirety the original Credit Agreement entered into on July 13, 2018 and was previously amended on March 16, 2020, June 24, 2020, June 28, 2021, and March 30, 2023. The Agreement was entered into by the company, as borrower, with Bank of America, N.A. as administrative agent, PNC Bank, NA as Syndication Agent, and Wells Fargo Bank, N.A., PNC Bank, N.A., KeyBank, N.A., and HSBC Bank USA, N.A. as Co-Documentation Agents. The Agreement was arranged by BofA Securities, Inc. and PNC Capital Markets LLC as Joint Lead Arrangers and by BofA Securities, Inc. as the Sole Bookrunner. The Agreement provides a senior secured revolving line of credit facility of up to $255 million, matures in five years, and also includes the following: Accordion. The Agreement contains a feature which provides the company with the option to increase the total amount of the facility up to $405 million. Financial covenants. The Agreement contains an asset coverage ratio test until replaced with a consolidated leverage ratio test after December 28, 2025, or the flexibility for such replacement earlier at the company's option. The Agreement also contains a quarterly fixed charge coverage ratio test. Loan fees and interest. Under the terms of the Agreement, the company pays a variable rate of interest on the outstanding principal balance, a fee on outstanding letters-of-credit and a commitment fee. These rates are based on SOFR or the base rate (the highest of (x) the Bank of America prime rate, (y) the Federal Funds rate plus 0.50% and (z) SOFR plus 1.00%) plus an applicable spread, as set forth below and, in each case subject to an interest rate floor of 0.00%: Consolidated leverage ratio Commitment Fee Letter of Credit Fee Term SOFR Loans Base Rate Loans < 1.00:1 0.3
01. Financial Statements and Exhibits
Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit Number Exhibit Description Filed Herewith 10.1 Amended and Restated Credit Agreement dated as of February 9, 2024 by and among Bank of America, N.A., Wells Fargo Bank, N.A., PNC Bank, N.A., KeyBank, N.A., and HSBC Bank USA, N.A., and TrueBlue, Inc. X 104 Cover page interactive data file - The cover page from this Current Report on Form 8-K is formatted as Inline XBRL X 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. TRUEBLUE, INC. (Registrant) Date: February 9, 2024 By: /s/ Todd N. Gilman Todd N. Gilman Senior Vice President, Deputy General Counsel & Secretary