UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
As previously disclosed, on February 1, 2019, the Company entered into an ABL Credit Agreement (the “ABL Credit Agreement”), among the Company, certain domestic subsidiaries of the Company, certain subsidiaries of Erwin Hymer Group SE organized under the laws of Germany and a subsidiary of Erwin Hymer Group SE organized under the laws of the United Kingdom, the several lenders from time to time parties thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as administrative agent. Pursuant to the ABL Credit Agreement, the Lenders provide the Company with a revolving credit facility of $750 million subject to certain terms and conditions. The other material terms of the ABL Credit Agreement were described in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 1, 2019.
On March 23, 2020, the Company provided notice to the Lenders that the Company would borrow $250 million available under the ABL Credit Agreement. The Company borrowed under the ABL Credit Agreement as a precautionary measure to secure its liquidity position and provide financial flexibility given uncertain market conditions as a result of the COVID-19 outbreak. The Company may use the proceeds from the ABL Credit Agreement borrowing for working capital and general corporate purposes.
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.
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THOR Industries, Inc. |
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Date: |
March 25, 2020 |
By: |
/s/ W. Todd Woelfer |
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Name: |
W. Todd Woelfer |
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Title: |
Senior Vice President, General |
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