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MarketScreener Homepage  >  Equities  >  Nyse  >  SiteOne Landscape Supply, Inc.    SITE

SITEONE LANDSCAPE SUPPLY, INC.

(SITE)
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SITEONE LANDSCAPE SUPPLY, INC. : Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant, Regulation FD Disclosure, Financial Statements and Exhibits (form 8-K)

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04/01/2020 | 05:43pm EDT

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an

           Off-Balance Sheet Arrangement of a Registrant.



As previously disclosed, SiteOne Landscape Supply Holding, LLC and SiteOne Landscape Supply, LLC, each an indirect wholly-owned subsidiary of SiteOne Landscape Supply, Inc. (the "Company"), are parties to a credit agreement dated December 23, 2013(as amended by a First Amendment dated June 13, 2014, a Second Amendment dated January 26, 2015, a Third Amendment dated February 13, 2015, a Fourth Amendment dated October 20, 2015, an Omnibus Amendment dated May 24, 2017, and a Sixth Amendment dated February 1, 2019, the "ABL Credit Agreement"), providing for an asset-based credit facility in the amount of up to $375.0 million, subject to availability under a borrowing base, with UBS AG, Stamford Branch, as administrative agent and collateral agent, and the other financial institutions and lenders from time to time party thereto (the "ABL Facility"). The material terms of the ABL Credit Agreement and ABL Facility are disclosed in the Company's Annual Report on Form 10-K for the year ended December 29, 2019 and are incorporated by reference herein. As of December 29, 2019, the outstanding balance on the ABL Facility was approximately $92.8 million.

On April 1, 2020, the Company borrowed approximately $100 million under the ABL Facility, resulting in approximately $319 million outstanding and approximately $46 million in available capacity under the ABL Facility and approximately $117 million cash on hand. The Company elected to borrow such amount as a precautionary measure in order to increase its cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the COVID-19 pandemic. The draw-down proceeds will be held on the Company's balance sheet. The Company does not currently have plans to deploy these new funds other than seasonal investments in working capital. Borrowings under the ABL Facility are scheduled to mature on February 1, 2024.

Item 7.01. Regulation FD Disclosure.

On April 1, 2020, the Company issued a press release announcing the approximately $100 million borrowing under the ABL Facility and other actions the Company is taking to increase its financial flexibility amid the COVID-19 pandemic. A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated in this Item 7.01 by reference.

The information in this Item 7.01, including Exhibit 99.1, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of such section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01. Financial Statements and Exhibits.





  (d) Exhibits.




Exhibit No.   Description
  99.1          Press Release dated April 1, 2020
              Cover Page Interactive Data File (embedded within the Inline XBRL
104           document)

© Edgar Online, source Glimpses

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Financials (USD)
Sales 2020 2 323 M
EBIT 2020 114 M
Net income 2020 54,5 M
Debt 2020 509 M
Yield 2020 -
P/E ratio 2020 73,9x
P/E ratio 2021 55,0x
EV / Sales2020 1,97x
EV / Sales2021 1,80x
Capitalization 4 061 M
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Technical analysis trends SITEONE LANDSCAPE SUPPLY,
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Mean consensus HOLD
Number of Analysts 9
Average target price 88,38 $
Last Close Price 97,00 $
Spread / Highest target 18,6%
Spread / Average Target -8,89%
Spread / Lowest Target -35,1%
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Managers
NameTitle
Doug Black Chairman & Chief Executive Officer
Greg Weller Senior Vice President-Operations
John T. Guthrie CFO, Principal Accounting Officer & EVP
William W. Douglas Lead Independent Director
Jack L. Wyszomierski Independent Director
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