Tennant Co. Enters Material Definitive Agreement
Ticker: TNC · Form: 8-K · Filed: Aug 7, 2024 · CIK: 97134
| Field | Detail |
|---|---|
| Company | Tennant Co (TNC) |
| Form Type | 8-K |
| Filed Date | Aug 7, 2024 |
| Risk Level | medium |
| Pages | 4 |
| Reading Time | 4 min |
| Key Dollar Amounts | $0.375, $650 m, $325 m, $50,000,000, $100 million |
| Sentiment | neutral |
Sentiment: neutral
Topics: debt, financing, agreement
TL;DR
Tennant Co. just signed a big new credit agreement, potentially changing their debt structure.
AI Summary
On August 7, 2024, Tennant Company entered into a Material Definitive Agreement, specifically a credit agreement. This agreement creates a direct financial obligation for the company. The filing also includes financial statements and exhibits related to this event.
Why It Matters
This filing indicates Tennant Company has secured new financing or debt, which could impact its financial flexibility and investment capacity.
Risk Assessment
Risk Level: medium — Entering into new financial obligations can introduce financial risk if not managed properly.
Key Players & Entities
- Tennant Company (company) — Registrant
- August 7, 2024 (date) — Date of Report
FAQ
What type of Material Definitive Agreement did Tennant Company enter into?
Tennant Company entered into a credit agreement.
What is the date of the earliest event reported in this filing?
The date of the earliest event reported is August 7, 2024.
What is the principal executive office address for Tennant Company?
The principal executive office address is 10400 Clean Street, Eden Prairie, Minnesota 55344.
Under which section of the Securities Exchange Act of 1934 is this Form 8-K filed?
This Form 8-K is filed pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
What is the IRS Employer Identification No. for Tennant Company?
The IRS Employer Identification No. for Tennant Company is 41-0572550.
Filing Stats: 1,056 words · 4 min read · ~4 pages · Grade level 11.7 · Accepted 2024-08-07 17:17:23
Key Financial Figures
- $0.375 — h registered Common Stock, par value $0.375 per share TNC New York Stock Exchan
- $650 m — a revolving facility in an amount up to $650 million, with an option to expand the rev
- $325 m — obtain incremental term loans by up to $325 million, with the consent of the Lenders
- $50,000,000 — for permitted acquisitions of at least $50,000,000; -a covenant requiring the Company to
- $100 million — of 10% of consolidated total assets and $100 million during any fiscal year. Upon the occur
Filing Documents
- tm2421061d1_8k.htm (8-K) — 32KB
- tm2421061d1_ex10-1.htm (EX-10.1) — 910KB
- image_001.jpg (GRAPHIC) — 55KB
- 0001104659-24-086820.txt ( ) — 1403KB
- tnc-20240807.xsd (EX-101.SCH) — 3KB
- tnc-20240807_lab.xml (EX-101.LAB) — 33KB
- tnc-20240807_pre.xml (EX-101.PRE) — 22KB
- tm2421061d1_8k_htm.xml (XML) — 3KB
01 Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement. On August 7, 2024, Tennant Company (the "Company") and the Foreign Subsidiary Borrowers from time to time party thereto entered into a Second Amended and Restated Credit Agreement (the "2024 Credit Agreement") with JPMorgan Chase Bank, N. A. ("JPMorgan"), as administrative agent, U.S. Bank National Association and HSBC Bank USA, National Association, as co-syndication agents and BMO Bank N.A., The Huntington National Bank, PNC Bank, National Association and Wells Fargo Bank, National Association, as co-documentation agents. The 2024 Credit Agreement provides the Company and certain of its foreign subsidiaries access to a senior secured credit facility until August 7, 2029, consisting of a revolving facility in an amount up to $650 million, with an option to expand the revolving facility or obtain incremental term loans by up to $325 million, with the consent of the Lenders willing to provide additional borrowings in the form of increases to their revolving facility commitment or funding of incremental term loans. Borrowings may be denominated in U.S. dollars or certain other currencies. The fee for undrawn committed funds under the revolving facility of the 2024 Credit Agreement ranges from an annual rate of 0.15% to 0.30%, depending on the Company's leverage ratio. Borrowings denominated in U.S. dollars under the 2024 Credit Agreement bear interest at a rate per annum equal to (a) the greatest of (i) the prime rate, (ii) the NYFRB Rate plus 0.50% and (iii) the Adjusted Term SOFR Rate for a one month period plus 1%; but in any case not less than 1%, plus an additional spread of 0.25% to 1%, depending on the Company's leverage ratio, (b) the Adjusted Term SOFR Rate plus an additional spread of 1.25% to 2%, depending on the Company's leverage ratio, or (c) the Adjusted Daily Simple RFR plus an additional spread of 1.25% to 2%, depending on the Company's leverage ratio. In connection with the 2024 Credit Agreeme
03 Creation of a Direct Financial Obligation or an Obligation
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information described above under "Item 1.01 Entry into a Material Definitive Agreement" with respect to the 2024 Credit Agreement is hereby incorporated by reference.
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits 10.1 Second Amended and Restated Credit Agreement, dated as of August 7, 2024. 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. Tennant Company Date: August 7, 2024 By: /s/ Kristin A. Erickson Kristin A. Erickson Senior Vice President, General Counsel and Corporate Secretary