Rush Enterprises Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits

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Date of Report (Date of earliest event reported): June 1, 2024

 

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Item 1.01         Entry into a Material Definitive Agreement.

 

 

Effective June 1, 2024, Rush Truck Centres of Canada Limited (“RTC-Canada”), a subsidiary of Rush Enterprises, Inc. (the “Company”), and the Company, as guarantor, entered into the First Amendment to the BMO Revolving Lease and Rental Credit Agreement (the “First BMO Revolving Lease and Rental Credit Agreement Amendment”) with Bank of Montreal (“BMO”), which amended that certain BMO Revolving Lease and Rental Credit Agreement, dated as of July 15, 2022, among RTC-Canada, BMO and the Company, as guarantor (the “BMO Revolving Lease and Rental Credit Agreement”).

 

Pursuant to the terms of the First BMO Revolving Lease and Rental Credit Agreement Amendment, the BMO Revolving Lease and Rental Credit Agreement was amended to change all references to CDOR (as defined in the BMO Revolving Lease and Rental Credit Agreement), the prior benchmark interest rate, to a benchmark interest rate based on Term CORRA (as defined in the First BMO Revolving Lease and Rental Credit Agreement) and to make other corresponding changes to reflect the transition from CDOR to CORRA. Borrowings under the BMO Revolving Lease and Rental Credit Agreement will now bear interest per annum, payable monthly, at Term CORRA, plus 1.72%.

 

The foregoing description of the First BMO Revolving Lease and Rental Credit Agreement Amendment is qualified in its entirety by reference to the full text of the First BMO Revolving Lease and Rental Credit Agreement Amendment, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated in this Item 1.01 by reference.

 

 

Effective June 1, 2024, RTC-Canada and the Company, as guarantor, entered into the Second Amendment to the Amended and Restated BMO Wholesale Financing and Security Agreement (the “Second RTC-Canada Floor Plan Amendment”) with BMO, which amended that certain Amended and Restated BMO Wholesale Financing and Security Agreement, dated as of July 15, 2022, among RTC-Canada, BMO and the Company, as guarantor (the “RTC-Canada Floor Plan Credit Agreement”), as amended.

 

 

Pursuant to the terms of the Second RTC-Canada Floor Plan Amendment, the RTC-Canada Floor Plan Credit Agreement was amended to change all references to CDOR (as defined in the RTC-Canada Floor Plan Credit Agreement), the prior benchmark interest rate with respect to advances to be made in CAD dollars, to Term CORRA (as defined in the Second RTC-Canada Floor Plan Amendment), and to make other corresponding changes to reflect the transition from CDOR to CORRA. Borrowings under the RTC-Canada Floor Plan Credit Agreement with respect to advances to be made in CAD dollars will now bear interest per annum, payable monthly, at Term CORRA (as defined in the Second RTC-Canada Floor Plan Amendment), plus 1.27%.

 

The foregoing description of the Second RTC-Canada Floor Plan Amendment is qualified in its entirety by reference to the full text of the Second RTC-Canada Floor Plan Amendment, which is attached as Exhibit 10.2 to this Current Report on Form 8-K and incorporated in this Item 1.01 by reference.

 

Item 9.01         Financial Statements and Exhibits.

 

(d)         Exhibits

 

Exhibit No.         Description

 

Exhibit 10.1         First Amendment to the BMO Lease and Rental Credit Agreement, dated as of June 1, 2024, by and among RTC-Canada, the Company and BMO.

 

Exhibit 10.2         Second Amendment to the Amended and Restated BMO Wholesale Financing and Security Agreement, dated as of June 1, 2024, by and among RTC-Canada and BMO.

 

Exhibit 104         Cover Page Interactive Data File (formatted in Inline XBRL)

 

 

 

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.