Deluxe Corp Files 8-K for Material Definitive Agreement
Ticker: DLX · Form: 8-K · Filed: Mar 14, 2024 · CIK: 27996
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation
Related Tickers: DLX
TL;DR
Deluxe Corp just filed an 8-K for a new material definitive agreement - likely a debt or financing deal.
AI Summary
On March 13, 2024, Deluxe Corporation entered into a Material Definitive Agreement related to a financial obligation. The company, headquartered at 801 S. Marquette Ave. in Minneapolis, MN, filed this 8-K report to disclose this event.
Why It Matters
This filing indicates a significant financial commitment or obligation for Deluxe Corporation, which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — Material definitive agreements often involve significant financial obligations or strategic shifts that carry inherent risks.
Key Players & Entities
- Deluxe Corporation (company) — Registrant
- March 13, 2024 (date) — Date of earliest event reported
- 801 S. Marquette Ave. Minneapolis, MN 55402-2807 (address) — Principal executive office
FAQ
What type of material definitive agreement did Deluxe Corporation enter into?
The filing indicates an 'Entry into a Material Definitive Agreement' and 'Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant', but the specific details of the agreement are not provided in this summary.
When was the earliest event reported in this 8-K filing?
The earliest event reported was on March 13, 2024.
What is the principal executive office address for Deluxe Corporation?
The principal executive office is located at 801 S. Marquette Ave., Minneapolis, MN 55402-2807.
What is Deluxe Corporation's state of incorporation and IRS Employer Identification Number?
Deluxe Corporation is incorporated in MN and its IRS Employer Identification Number is 41-0216800.
What is the SEC file number and film number for this 8-K filing?
The SEC file number is 001-07945 and the film number is 24751210.
Filing Stats: 924 words · 4 min read · ~3 pages · Grade level 12.3 · Accepted 2024-03-14 17:09:24
Key Financial Figures
- $1.00 — registered Common Stock, par value $1.00 per share DLX NYSE Indicate by ch
- $80 million — g facility (the "AR Facility") of up to $80 million with MUFG Bank, Ltd., as administrative
- $43,312,500 — lier terminated. As of the date hereof, $43,312,500 has been drawn on the AR Facility. The
Filing Documents
- tm248837d1_8k.htm (8-K) — 29KB
- tm248837d1_ex10-1.htm (EX-10.1) — 860KB
- tm248837d1_ex10-2.htm (EX-10.2) — 122KB
- 0001104659-24-034573.txt ( ) — 1365KB
- dlx-20240313.xsd (EX-101.SCH) — 3KB
- dlx-20240313_lab.xml (EX-101.LAB) — 33KB
- dlx-20240313_pre.xml (EX-101.PRE) — 22KB
- tm248837d1_8k_htm.xml (XML) — 3KB
01 – Entry into a Material Definitive Agreement
Item 1.01 – Entry into a Material Definitive Agreement. On March 13, 2024 (the "Closing Date"), Deluxe Receivables LLC ("Borrower"), a special purpose company and wholly-owned subsidiary of Deluxe Corporation (the "Company"), a Minnesota corporation, entered into an accounts receivable financing facility (the "AR Facility") of up to $80 million with MUFG Bank, Ltd., as administrative agent (the "Administrative Agent") pursuant to a receivables financing agreement, dated as of the Closing Date (the "RFA"), among the Borrower, the Company, as servicer (the "Servicer"), the Administrative Agent and the group and agents and lenders party thereto. In connection with the AR Facility, the Company and certain subsidiaries of the Company, as originators (the "Originators"), have sold and will continue to automatically sell certain of their accounts receivable and certain related assets (collectively, the "Receivables") to the Borrower. The amount available for borrowings at any one time under the RFA is limited to a borrowing base amount calculated based on the outstanding balance of eligible Receivables, subject to certain reserves, concentration limits, and other limitations. Borrowings under the RFA bear interest at rates specified in the RFA (including, as applicable, a CP Rate (as defined in the RFA) for borrowings funded by a conduit lender through the issuance of notes, and for other borrowings, 1-Month Term SOFR plus 0.10%) in addition to a drawn fee of 1.40% and a fee on the undrawn committed amount of the RFA, each as set forth in the Fee Letter (as defined in the RFA). Interest and fees payable by the Borrower under the RFA are due monthly. The RFA is scheduled to terminate on March 12, 2027, unless extended in accordance with its terms or earlier terminated. As of the date hereof, $43,312,500 has been drawn on the AR Facility. The Borrower pledged its ownership interest in the Receivables as collateral security for all amounts outstanding under the RFA, and t
03 – Creation of a Direct Financial Obligation
Item 2.03 – Creation of a Direct Financial Obligation. The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.
01 – Financial Statements and Exhibits
Item 9.01 – Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Receivables Financing Agreement, dated March 13, 2024, by and among Deluxe Receivables LLC, Deluxe Corporation, MUFG Bank, Ltd., and the group agents and lenders from time to time party thereto. 10.2 Consent to Amendment to Credit Agreement, dated March 13, 2024, by and among Deluxe Corporation, each other Guarantor party thereto, and JPMorgan Chase Bank, N.A. 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. DELUXE CORPORATION Dated: March 14, 2024 By: /s/ Jeffrey L. Cotter Name: Jeffrey L. Cotter Title: Senior Vice President, Chief Administrative Officer and General Counsel