Franklin Electric Enters Material Definitive Agreement

TL;DR

FELE just signed a new credit deal, potentially changing their debt structure.

AI Summary

On May 15, 2024, Franklin Electric Co., Inc. entered into a Material Definitive Agreement, specifically a credit agreement. This agreement creates a direct financial obligation for the registrant. The filing also includes financial statements and exhibits related to this event.

Why It Matters

This filing indicates Franklin Electric has entered into a new credit agreement, which could impact its financial leverage and future investment capacity.

Risk Assessment

Risk Level: low — The filing reports on a standard credit agreement, which is a routine financial event for a public company.

Key Players & Entities

• FRANKLIN ELECTRIC CO., INC. (company) — Registrant
• May 15, 2024 (date) — Date of earliest event reported
• Indiana (location) — State of incorporation
• 9255 Coverdale Road (address) — Principal executive offices
• Fort Wayne (location) — City of principal executive offices
• 46809 (zip_code) — Zip code of principal executive offices
• 260-824-2900 (phone_number) — Registrant's telephone number

FAQ

Key Financial Figures

• $0.10 — ction 12(b) of the Act: Common Stock, $0.10 par value FELE NASDAQ Global Select Mar
• $250,000,000 — cility amount from lenders increased to $250,000,000 from $200,000,000, increased the maturi
• $200,000,000 — lenders increased to $250,000,000 from $200,000,000, increased the maturity date on fixed r
• $150,000,000 — lenders increased to $250,000,000 from $150,000,000, increased the maturity date on fixed r

Filing Documents

• fele-20240515.htm (8-K) — 32KB
• a05152024ex101nylshelfagre.htm (EX-10.1) — 90KB
• a05152024ex102prushelfagre.htm (EX-10.2) — 65KB
• 0000038725-24-000105.txt ( ) — 335KB
• fele-20240515.xsd (EX-101.SCH) — 3KB
• fele-20240515_lab.xml (EX-101.LAB) — 22KB
• fele-20240515_pre.xml (EX-101.PRE) — 13KB
• fele-20240515_htm.xml (XML) — 3KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. First Amendment to Amended and Restated Note Purchase and Private Shelf Agreement - NYL Shelf Agreement On May 15, 2024, Franklin Electric Co., Inc. ("Franklin Electric") entered into the First Amendment to the Amended and Restated Note Purchase and Private Shelf Agreement among Franklin Electric, Franklin Electric B.V., a Netherlands private company with limited liability ("Dutch Subsidiary Issuer", and together with Franklin Electric, collectively, the "Companies" and each a "Company"), NYL Investors LLC ("NYL Investors"), and each of the undersigned holders of the Notes that are signatories hereto (the "Amendment to the NYL Shelf Agreement"). Under the Amendment to the NYL Shelf Agreement, among other changes, the total available facility amount from lenders increased to $250,000,000 from $200,000,000, increased the maturity date on fixed rate notes to mature no more than 20 years after the date of original issuance and to have an average life of no more than 15 years after the date of original issuance, which was previously 15 years and 12 years, and extended the issuance and sold date of notes to May 15, 2027. The issuance fee decreased to 0.025% from 0.10% of the aggregate principal amount. The Amendment to the NYL Shelf Agreement is subject to a number of conditions, and the description of the Amendment to the NYL Shelf Agreement herein is qualified in its entirety and is incorporated herein by reference to Exhibit 10.1. First Amendment to Fourth Amended and Restated Note Purchase and Private Shelf Agreement - Pru Shelf Agreement On May 15, 2024, Franklin Electric entered into the First Amendment to the Fourth Amended and Restated Note Purchase and Private Shelf Agreement among Franklin Electric, Dutch Subsidiary Issuer, PGIM, Inc. ("Prudential"), and the other holders of Notes that are signatories hereto (the "Amendment to the Pru Shelf Agreement ") . Under the Amendment to the Pru Shelf Agr

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibits: Exhibit Number Description 10.1 First Amendment to Amended and Restated Note Purchase and Private Shelf Agreement, dated May 15, 2024, by and among Franklin Electric Co., Inc., Franklin Electric B.V., NYL Investors LLC , and the purchasers named therein (filed herewith) 10.2 First Amendment to Fourth Amended and Restated Note Purchase and Private Shelf Agreement, dated May 15, 2024, by and among Franklin Electric Co., Inc., Franklin Electric B.V., Prudential Insurance Company, and the purchasers named therein (filed herewith) 101 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. 104 The cover page from this Current Report on Form 8-K, formatted as Inline XBRL 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. FRANKLIN ELECTRIC CO., INC. (Registrant) Date: May 16, 2024 By /s/ Jeffery L. Taylor Jeffery L. Taylor Vice President, Chief Financial Officer (Principal Financial and Accounting Officer)

View Full Filing

View this 8-K filing on SEC EDGAR