Titan Machinery Inc. Enters Material Definitive Agreement

Ticker: TITN · Form: 8-K · Filed: May 23, 2024 · CIK: 1409171

Titan Machinery INC. 8-K Filing Summary
FieldDetail
CompanyTitan Machinery INC. (TITN)
Form Type8-K
Filed DateMay 23, 2024
Risk Levelmedium
Pages6
Reading Time7 min
Key Dollar Amounts$0.00001, $350.0 million, $500.0 m, $395.0 million, $105.0 million
Sentimentneutral

Sentiment: neutral

Topics: material-definitive-agreement, financial-obligation

Related Tickers: TITN

TL;DR

Titan Machinery just signed a big deal, new financial obligation incoming.

AI Summary

Titan Machinery Inc. entered into a material definitive agreement on May 17, 2024, which involves a direct financial obligation. The company, incorporated in Delaware, filed an 8-K report detailing this event. The filing does not specify the exact nature or dollar amount of the financial obligation.

Why It Matters

This filing indicates a significant new financial commitment or agreement for Titan Machinery Inc., which could impact its financial structure and future operations.

Risk Assessment

Risk Level: medium — The filing indicates a material definitive agreement and a direct financial obligation, suggesting a potentially significant financial event for the company.

Key Players & Entities

FAQ

What is the specific nature of the material definitive agreement entered into by Titan Machinery Inc.?

The filing does not specify the exact nature of the material definitive agreement.

What is the dollar amount of the direct financial obligation created by this agreement?

The filing does not disclose the specific dollar amount of the financial obligation.

When was the earliest event reported in this 8-K filing?

The earliest event reported was on May 17, 2024.

In which state is Titan Machinery Inc. incorporated?

Titan Machinery Inc. is incorporated in Delaware.

What is the principal executive office address for Titan Machinery Inc.?

The principal executive office address is 644 East Beaton Drive, West Fargo, ND 58078-2648.

Filing Stats: 1,686 words · 7 min read · ~6 pages · Grade level 10.5 · Accepted 2024-05-22 18:01:30

Key Financial Figures

Filing Documents

01 Entry into Material Definitive Agreement

Item 1.01 Entry into Material Definitive Agreement On May 17, 2024, Titan Machinery Inc ("Titan" or the "Company"), Heartland Agriculture, LLC, Heartland Ag Kansas, LLC, (Heartland Agriculture, LLC and Heartland Ag Kansas, LLC collectively referred to as "Heartland" and, together with Titan, collectively the "U.S. Borrowers" and each a "U.S. Borrower") and J.J. O'Connor & Sons Pty Ltd., ("O'Connors" or the "Australian Borrower") entered into the Fourth Amended and Restated Credit Agreement (the "Credit Agreement") by and among the above referenced companies, as U.S. Borrowers or Australian Borrower, as applicable, the financial institutions party thereto, as lenders, Bank of America, N.A. ("Bank of America"), as Administrative Agent, Bank of America and Wells Fargo Bank, National Association, as Joint Lead Arrangers, and Bank of America and PNC Bank, National Association, as Co-Documentation Agents. The Credit Agreement amends, restates and extends the term of the Company's existing $350.0 million Third Amended and Restated Credit Agreement, dated as of April 3, 2020, as further amended (the "Existing Credit Facility") and adds O'Connors as a borrower under the Credit Agreement. The Credit Agreement provides for a secured credit facility in a principal amount of up to $500.0 million, consisting of a $395.0 million floorplan facility and a $105.0 million revolving operating line which can be used by both the U.S, Borrowers and the Australian Borrower. The maximum aggregate facility for the Australian Borrower cannot exceed $100.0 million and the U.S. Borrowers aggregate facility cannot exceed $485.0 million. The outstanding indebtedness under the Credit Agreement will mature on May 17, 2029. The borrowing base for each of the operating lines is calculated based upon the U.S. Borrowers' or Australian Borrower's, as applicable, account receivables, parts, attachments, rental equipment, real estate, and vehicles, pursuant to a formula and subject to certain reserves,

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description of Exhibit 10.1 Fourth Amended and Restated Credit Agreement, dated as of May 17, 2024, by and among Titan Machinery Inc., Heartland Agriculture, LLC, Heartland Ag Kansas, LLC, and certain entities joined thereto as a U.S. Borrower, each as a U.S. Borrower, J.J. O'Connor & Sons Pty Ltd. and certain entities joined thereto as an Australian Borrower, each as an Australian Borrower,, the financial institutions party thereto, as lenders, Bank of America, N.A. ("Bank of America"), as Administrative Agent, Bank of America and Wells Fargo Bank, National Association, as Joint Lead Arrangers, and Bank of America and PNC Bank, National Association, as Co-Documentation Agents. 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. Titan Machinery Inc. Date: May 22, 2024 By /s/BRYAN KNUTSON Name: Bryan Knutson Title: President and Chief Executive Officer

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