Precision Castparts 8-K 2008
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
March 19, 2008
Date of Report (date of earliest event reported)
PRECISION CASTPARTS CORP.
(Exact name of registrant as specified in its charter)
4650 S.W. Macadam Avenue
Portland, Oregon 97239-4254
(Address of principal executive offices)
(Registrants telephone number, including area code)
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):
Item 1.02. Termination of a Material Definitive Agreement.
On March 19, 2008, Precision Castparts Corp. (the Company) sent a notice to Wachovia Bank, N.A. (Wachovia) terminating the 364-day Amended and Restated Credit and Security Agreement, dated as of January 31, 2001, among Precision Receivables Corp., the Company, Blue Ridge Asset Funding Corporation and Wachovia (as amended from time to time, the 364-Day AR Facility). The termination will be effective on March 27, 2008.
The allowable borrowings under the 364-Day AR Facility cannot exceed $150.0 million and are a function of the level of eligible trade accounts receivable. The Company terminated the 364-Day AR Facility because the Company believes that its other credit facilities and financing alternatives provide sufficient liquidity and financial flexibility.
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.