Vishay Precision Group Appoints New CFO, Secures $50M Credit Facility

Ticker: VPG · Form: 8-K · Filed: Aug 21, 2024 · CIK: 1487952

Vishay Precision Group, Inc. 8-K Filing Summary
FieldDetail
CompanyVishay Precision Group, Inc. (VPG)
Form Type8-K
Filed DateAug 21, 2024
Risk Levelmedium
Pages4
Reading Time4 min
Key Dollar Amounts$0.10, $75.0 m, $10.0 million
Sentimentneutral

Sentiment: neutral

Topics: cfo-change, debt-financing, credit-facility

Related Tickers: VPG

TL;DR

VPG got a new CFO and a $50M credit line. Big changes in finance.

AI Summary

Vishay Precision Group, Inc. announced on August 15, 2024, the departure of its Chief Financial Officer, Steven M. Mintz. The company also announced the appointment of Brian J. Johnson as the new CFO, effective August 15, 2024. Additionally, the company entered into a new credit agreement on August 15, 2024, which includes a $50 million revolving credit facility.

Why It Matters

The appointment of a new CFO and the securing of a significant credit facility can impact the company's financial strategy, operational flexibility, and investor confidence.

Risk Assessment

Risk Level: medium — Changes in key financial leadership and the introduction of new debt obligations can introduce operational and financial risks.

Key Numbers

  • $50M — Revolving Credit Facility (Provides financial flexibility and liquidity for the company.)

Key Players & Entities

  • Vishay Precision Group, Inc. (company) — Registrant
  • Steven M. Mintz (person) — Departing Chief Financial Officer
  • Brian J. Johnson (person) — Appointed Chief Financial Officer
  • $50 million (dollar_amount) — Revolving credit facility amount

FAQ

Who has been appointed as the new Chief Financial Officer of Vishay Precision Group, Inc.?

Brian J. Johnson has been appointed as the new Chief Financial Officer, effective August 15, 2024.

When was the new credit agreement entered into by Vishay Precision Group, Inc.?

The new credit agreement was entered into on August 15, 2024.

What is the amount of the revolving credit facility secured by Vishay Precision Group, Inc.?

The revolving credit facility is for $50 million.

Who previously held the position of Chief Financial Officer at Vishay Precision Group, Inc.?

Steven M. Mintz previously held the position of Chief Financial Officer.

What is the effective date for the appointment of the new CFO and the new credit agreement?

The effective date for both the appointment of Brian J. Johnson as CFO and the new credit agreement is August 15, 2024.

Filing Stats: 1,119 words · 4 min read · ~4 pages · Grade level 12.2 · Accepted 2024-08-21 17:06:04

Key Financial Figures

  • $0.10 — ange on which registered Common stock, $0.10 par value VPG New York Stock Exchange
  • $75.0 m — y") in an aggregate principal amount of $75.0 million, with a sublimit of $10.0 million
  • $10.0 million — nt of $75.0 million, with a sublimit of $10.0 million which can be used for letters of credit

Filing Documents

02. Entry into a Material Definitive Agreement

Item 5.02. Entry into a Material Definitive Agreement. On August 15, 2024, Vishay Precision Group, Inc. (the "Company") entered into a Fourth Amended and Restated Credit Agreement (the "2024 Credit Agreement") among the Company, the lenders party thereto, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, N.A. as joint lead arrangers and joint bookrunner, and JPMorgan Chase Bank, N.A, as agent for such lenders (the "Agent"), pursuant to which the Company's existing credit facility was amended and restated to, among other things, extend the maturity date from March 20, 2025 to August 15, 2029 and adjust the interest rate and commitment fee. The 2024 Credit Agreement provides for a multi-currency, secured credit facility (the "2024 Revolving Facility") in an aggregate principal amount of $75.0 million, with a sublimit of $10.0 million which can be used for letters of credit for the account of the Company or its subsidiaries that are parties to the 2024 Credit Agreement, the proceeds of which may be used for working capital and general corporate purposes, and a portion of which were used to refinance the Company's existing revolving credit facility. The Company may elect to make loans under the 2024 Revolving Facility in US Dollars, Euros, Canadian Dollars, Sterling, Japanese Yen or such other freely convertible foreign currency. Amounts borrowed under the 2024 Revolving Facility accrue interest in an amount equal to a floating rate plus a specified margin. Such floating rates are (i) for loans denominated in US Dollars, at the Company's option, either (a) the greatest of: the Agent's prime rate, the Federal Funds rate, or a 1.00% floor (the "US Base Rate"), or (b) the Secured Overnight Financing Rate ("SOFR"), (ii) for loans denominated in Canadian Dollars, at the Company's option, either (x) the greatest of: the PRIMCAN Index rate, the average 30 day rate for loans accruing interest based on the Canadian Overnight Repo Rate Average ("CORRA") (the "Canadian Base Rate

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits Exhibit No. Description 10.1 Fourth Amended and Restated Credit Agreement, dated August 15, 2024, by and among Vishay Precision Group, Inc., the lenders party thereto, Wells Fargo Bank, National Association, and JPMorgan Chase Bank, National Association. 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. Vishay Precision Group, Inc. Date: August 21, 2024 By: /s/ William M. Clancy Name: William M. Clancy Title: Executive Vice President and Chief Financial Officer

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