Precision Castparts 8-K 2005
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
January 1, 2005
Date of Report (date of earliest event reported)
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Non-Employee Director Compensation.
Effective January 1, 2005, the Compensation Committee of the Board of Directors approved an increase in the annual retainer payable to non-employee directors from $40,000 per year to $44,000 per year.
Amended Credit Agreement
On January 27, 2005 the Registrant amended its bank credit facility (Bank of America Credit Agreement dated as of December 9, 2003) to reduce the spread applicable to LIBOR borrowings. The applicable spreads, as revised, range from 0.625% to 1.75%, depending upon credit ratings received from Moodys and S & P. Based on current credit ratings, interest rates on borrowings under the amended bank credit facility will be reduced from LIBOR + 1.25% to LIBOR + 1.00%. The amendment also revised the amortization schedule of principal repayments on the $300 million term loan included in the bank credit facility. The following schedule provides the Registrants aggregate long-term debt maturities in each of the next five fiscal years as previously reported and as revised to reflect this amendment:
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.