UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On October 5, 2021, Monro, Inc. (the “Company”) entered into an amendment (the “Amendment”) to its Amended and Restated Credit Agreement with eight banks (the “Credit Agreement”), which had previously been amended in June 2020 (the “2020 Amendment”).
This Amendment amends certain of the financial terms in the Credit Agreement, as amended by the 2020 Amendment. Specifically, the 2020 Amendment had amended the interest rate charged on borrowings to be based on the greater of adjusted one-month LIBOR or 0.75% over LIBOR. This Amendment returns this term to be based on the greater of adjusted one-month LIBOR or 0.00% over LIBOR.
In addition, this Amendment clarifies the Company’s flexibility to engage in supply chain financing with its vendors. The Amendment also updates certain provisions regarding a successor interest rate to LIBOR and incorporates certain other market changes.
Except as amended by the Amendment, the remaining terms of the Credit Agreement remain in full force and effect. The material terms of the Credit Agreement are described in the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 1, 2019, which description is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
The following exhibits are furnished as part of this report:
| Exhibit No. | Description | |
| 10.22b* | Amendment No. 2 to Amended and Restated Credit Agreement, dated as of October 5, 2021 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
| * | Schedules and similar attachments have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The Company will furnish a copy of any omitted schedule or similar attachment to the Securities and Exchange Commission upon request. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MONRO, INC. | ||||||
| (Registrant) | ||||||
| October 8, 2021 | By: | /s/ Maureen E. Mulholland | ||||
| Maureen E. Mulholland | ||||||
| Executive Vice President – Chief Legal Officer and Secretary | ||||||
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