Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On December 6, 2021, Bel Fuse Inc. (the "Company") entered into an interest rate
swap transaction with each of PNC Bank, National Association ("PNC") and KeyBank
National Association ("KeyBank") (collectively, the "swaps"). The effect of the
swaps is to fix the LIBOR portion of the interest rate on outstanding debt under
the Company's existing credit agreement, dated September 2, 2021 among the
Company, the several banks and other financial institutions or entities from
time to time parties thereto, and KeyBank, as administrative agent, swing line
lender and issuing lender. The PNC swap has a notional amount of $30 million
and fixes LIBOR at 1.3055% with an effective date of December 31, 2021 and a
maturity date of August 31, 2026. The KeyBank swap has a notional amount of $30
million and fixes LIBOR at 1.318% with an effective date of December 31, 2021
and a maturity date of August 31, 2026.
The foregoing descriptions of the swaps do not purport to be complete and are
qualified in their entirety by reference to the respective ISDA Master
Agreements and the confirmations of the respective swaps, which are filed as
Exhibits 10.1, 10.2, 10.3 and 10.4 hereto and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
10.1 ISDA Master Agreement, by and between Bel Fuse Inc. and PNC Bank,
National Association, dated as of November 10, 2021.
10.2 ISDA Master Agreement, by and between Bel Fuse Inc. and KeyBank
National Association, dated as of November 16, 2021.
10.3 Confirmation of transaction, by and between Bel Fuse Inc. and PNC
Bank, National Association, dated as of December 6, 2021.
10.4 Confirmation of transaction, by and between Bel Fuse Inc. and
KeyBank National Association, dated as of December 6, 2021.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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