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Adient plc – ‘8-K’ for 4/8/21

On:  Friday, 4/9/21, at 6:06am ET   ·   For:  4/8/21   ·   Accession #:  1193125-21-110824   ·   File #:  1-37757

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/09/21  Adient plc                        8-K:1,2,9   4/08/21   11:1.8M                                   Donnelley … Solutions/FA

Current Report   —   Form 8-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 8-K         Current Report                                      HTML     27K 
 2: EX-10.1     Material Contract                                   HTML   1.06M 
 7: R1          Document and Entity Information                     HTML     47K 
 9: XML         IDEA XML File -- Filing Summary                      XML     11K 
 6: XML         XBRL Instance -- d142704d8k_htm                      XML     13K 
 8: EXCEL       IDEA Workbook of Financial Reports                  XLSX      6K 
 4: EX-101.LAB  XBRL Labels -- adnt-20210408_lab                     XML     55K 
 5: EX-101.PRE  XBRL Presentations -- adnt-20210408_pre              XML     35K 
 3: EX-101.SCH  XBRL Schema -- adnt-20210408                         XSD     12K 
10: JSON        XBRL Instance as JSON Data -- MetaLinks               12±    19K 
11: ZIP         XBRL Zipped Folder -- 0001193125-21-110824-xbrl      Zip    246K 


‘8-K’   —   Current Report


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 iX: 
  8-K  
 i false  i 0001670541 0001670541 2021-04-08 2021-04-08

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM  i 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):  i April 8, 2021

 

 

 i ADIENT PLC

(Exact name of registrant as specified in its charter)

 

 

 

 i Ireland    i 001-37757    i 98-1328821
(State or Other Jurisdiction
of Incorporation)
  (Commission
File Number)
  (IRS Employer
Identification Number)

 i 25-28 North Wall Quay,  i IFSC

 i Dublin 1,  i Ireland  i D01 H104

(Address of principal executive offices)

Registrant’s telephone number, including area code:  i 734- i 254-5000

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 registrants under any of the following provisions (see General Instruction A.2. below):

 

 i 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

 i 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

 i 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

 i 

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 class

 

Trading
symbol(s)

 

Name of exchange
on which registered

 i Ordinary Shares, par value $0.001    i ADNT    i New York Stock Exchange

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   i 

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 April 8, 2021 (the “Amendment Effective Date”), Adient US LLC, a Michigan limited liability company (the “Lead Borrower”), Adient Global Holdings S.à.r.l., a private limited liability company (société à responsabilité limitée) incorporated under the laws of the Grand Duchy of Luxembourg (together with the Lead Borrower, collectively, the “Borrowers” and each, a “Borrower”), Adient plc (“Parent”) and certain of Parent’s other subsidiaries entered into an amendment (the “Amendment”) of the Term Loan Credit Agreement, dated as of May 6, 2019 (the “Existing Credit Agreement” and, as amended, the “Credit Agreement”), among the Borrowers, each of the lenders identified therein and Bank of America, N.A., as administrative agent and collateral agent (the “Agent”).

The Amendment, among other changes, (i) extends the maturity date for loans outstanding under the Credit Agreement to April 8, 2028, (ii) reduces the interest rate margin applicable thereunder by 0.75% to 3.50%, in the case of Eurodollar Rate loans, and 2.50% (in the case of Base Rate loans) (in each case, with one 0.25% step down based on achievement of a specified first lien secured net leverage level starting with the fiscal quarter ending December 31, 2021) and (iii) makes certain other negative covenant and mandatory prepayment changes in connection therewith. The Amendment also established incremental term loans in an aggregate principal amount of $214 million, resulting in total loans outstanding under the Credit Agreement as of the Amendment Effective Date of $1.0 billion. Proceeds from the incremental term loans are being used to retire a portion of the Lead Borrower’s 7.00% senior first lien notes due 2026 and for general corporate purposes.

The obligations under the Credit Agreement continue to be guaranteed on a secured basis by Parent and certain of its material wholly-owned restricted subsidiaries on substantially the same terms and subject to the same exceptions as the Existing Credit Agreement.

The foregoing description of the Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amendment, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.

 

Item 2.03

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information set forth under Item 1.01 is incorporated into this Item 2.03 by reference.

 

Item 9.01.

Financial Statements and Exhibits.

 

(d)

Exhibits.

EXHIBIT INDEX

 

Exhibit
No.

  

Exhibit Description

10.1    Amendment No. 1 dated April 8, 2021 to the Term Loan Credit Agreement dated as of May 6, 2019, among the Borrowers, the lenders party hereto, and the Agent.
104    Cover Page Interactive Data File (the Cover Page Interactive Data File is embedded within the Inline XBRL document).


SIGNATURE

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.

 

    ADIENT PLC
Date: April 9, 2021     By:  

/s/ Jeffrey M. Stafeil

    Name:   Jeffrey M. Stafeil
    Title:   Executive Vice President and Chief Financial Officer

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘8-K’ Filing    Date    Other Filings
4/8/28
12/31/2110-Q,  11-K,  SD
Filed on:4/9/21
For Period end:4/8/21
5/6/198-K
 List all Filings 


4 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

11/17/23  Adient plc                        10-K        9/30/23  126:15M
11/22/22  Adient plc                        10-K        9/30/22  122:18M
11/23/21  Adient plc                        10-K        9/30/21  127:19M
 5/06/21  Adient plc                        10-Q        3/31/21   90:11M
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