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): October 5, 2021
MONRO, INC.
(Exact name of registrant as specified in its charter)
New York | 0-19357 | 16-0838627 | ||
(State of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
200 Holleder Parkway, Rochester, New York | 14615 | |
(Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code (585) 647-6400
Not Applicable
(Former name or former address, if changed since last report)
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):
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
Common Stock, par value $.01 per share | MNRO | The Nasdaq Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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 provided pursuant to Section 13(a) of the Exchange Act. ☐
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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