Item 1.01. Entry into a Material Definitive Agreement
Effective as of February 22, 2023, STRATTEC SECURITY CORPORATION (the "Company")
entered into an eighth amendment (the "Amendment") to its August 1, 2011 Credit
Agreement, as previously amended by an Amendment No. 1 dated December 27, 2013,
an Amendment No. 2 dated June 25, 2015, an Amendment No. 3 dated June 24, 2016,
an Amendment No. 4 dated June 26, 2017, an Amendment No. 5 dated September 28,
2018, an Amendment No. 6 dated October 28, 2019 and an Amendment No. 7 dated
June 1, 2021 (collectively, the "STRATTEC Credit Agreement"), with BMO Harris
Bank N.A., as lender. The Amendment modifies the benchmark for purposes of
determining interest on borrowings under the credit facility and adopts an
interest rate based upon the forward looking term secured overnight financing
rate (SOFR) as administered by the Federal Reserve Bank of New York (or a
successor administrator of the secured overnight financing rate). Under the
Amendment, interest will be at varying rates based, at STRATTEC's option, on
Term SOFR plus 1.35 percent or the bank's base rate, which generally is tied to
the prime rate. The Amendment is attached hereto as Exhibit 10.1 and is
incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant
As described above under Item 1.01, on February 22, 2023, the Company entered
into an amendment to its credit agreement with BMO Harris Bank N.A. modifying
the benchmark interest rate and making certain other changes thereto described
in the Amendment attached hereto.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit 10.1 - Amendment No. 8 to STRATTEC Credit Agreement, dated as of
February 22, 2023, between STRATTEC SECURITY CORPORATION and BMO Harris Bank
N.A., as lender.
104 - Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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