UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 2, 2007
Commission file number: 001-13337
(Exact name of registrant as specified in its charter)
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Ohio
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34-1598949 |
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer Identification No.) |
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9400 East Market Street, Warren, Ohio
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44484 |
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(Address of principal executive offices)
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(Zip Code) |
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(330) 856-2443 |
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Registrant’s telephone number, including area code |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions (see General
Instruction A.2. below):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01. Entry into a Material Definitive Agreement.
On November 2, 2007, Stoneridge, Inc. (the “Company”) entered into an asset-based credit facility,
which permits borrowing up to a maximum level of $100.0 million. The available borrowing capacity
on this credit facility is based on eligible current assets, as defined. The asset-based credit
facility does not contain maintenance covenants; however, restrictions include limits on capital
expenditures, operating leases and dividends. The asset-based credit facility expires on November
1, 2011, and requires a commitment fee of 0.25% on the unused balance. Interest is payable
quarterly at either (i) the higher of the prime rate or the Federal Funds rate plus 0.50%, plus a
margin of 0.00% to 0.25% or (ii) LIBOR plus a margin of 1.00% to 1.75%, depending upon the
Company’s undrawn availability, as defined.
The Credit and Security Agreement is filed as Exhibit 10.1 to this Report.