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4-Traders Homepage  >  Equities  >  Nasdaq  >  Tractor Supply Company    TSCO

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TRACTOR SUPPLY CO /DE/ : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (form 8-K)

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06/19/2017 | 10:35pm CEST

Item 1.01 Entry into Material Definitive Agreement.

On June 15, 2017, Tractor Supply Company (the "Company") entered into an Incremental Term Loan Agreement (the "Agreement"), by and among the Company, as Borrower, certain subsidiaries of the Company, certain lenders and Wells Fargo Bank, National Association, as Administrative Agent, pursuant to an accordion feature available under the Company's Credit Agreement by and among the Company, certain subsidiaries of the Company, certain lenders, Wells Fargo Bank, National Association as Administrative Agent, and Regions Bank as Syndication Agent, for the lenders (the "Senior Credit Facility"). The Agreement increases the term loan capacity under the Senior Credit Facility by $100 million, which is in addition to the Senior Credit Facility's existing term loan and revolving credit facility.

The Agreement is unsecured and has a five year term expiring on June 15, 2022. Borrowings under the Agreement will bear interest at a variable rate; however, similar to our existing term loan, the Company anticipates managing its exposure to interest rate volatility with respect to the additional $100 million term loan through an interest rate swap which we expect to effectively provide a fixed rate for borrowings under the new term loan. Proceeds from the incremental $100 million term loan will be used to pay down existing revolver debt under the Senior Credit Facility.

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the incremental term loan agreement, which is attached hereto as Exhibit 10.1, and the credit agreement constituting the Senior Credit Facility which was filed as Exhibit 10.1 to Current Report on Form 8-K, filed with the Commission on February 22, 2016, Commission File No. 000-23314, and incorporated herein by reference.

Forward-Looking Statements

Certain statements contained in this Current Report on Form 8-K are not historical facts and are forward looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements may be identified by words such as "anticipates", "believes", "expects" or other comparable terminology. Because such forward looking statements contain risks and uncertainties, actual results or events may differ materially from those expressed in or implied by such forward looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the inability of the Company to enter into an interest rate swap agreement. All of the forward looking statements are also qualified by the cautionary statements contained in the Company's Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information under Item 1.01 above is incorporated by reference hereunder.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

10.1 Incremental Term Loan Agreement, dated as of June 15, 2017, by and among Tractor Supply Company, as Borrower, certain subsidiaries of the Company, certain lenders and Wells Fargo Bank, National Association, as Administrative Agent.

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© Edgar Online, source Glimpses

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Financials ($)
Sales 2017 7 197 M
EBIT 2017 673 M
Net income 2017 424 M
Debt 2017 364 M
Yield 2017 1,82%
P/E ratio 2017 16,74
P/E ratio 2018 14,99
EV / Sales 2017 1,01x
EV / Sales 2018 0,94x
Capitalization 6 938 M
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 61,2 $
Spread / Average Target 12%
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NameTitle
Gregory A. Sandfort Chief Executive Officer & Director
Steve K. Barbarick President & Chief Merchandising Officer
Cynthia Todd Jamison Chairman
Kurt D. Barton Chief Financial Officer, Treasurer & Senior VP
Robert D. Mills Chief Information Officer & Senior Vice President
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