01—Abstract
Summary
Summary of the 8-K filed December 17, 2024. Cited figures are marked; the original filing is the authoritative source.
TD SYNNEX Corporation (SNX) reported on Form 8-K that on December 12, 2024, it, its subsidiary originators, and SIT Funding LLC (f/k/a SIT Funding Corporation) entered into the Fifth Omnibus Amendment to its accounts receivable securitization program, known as the Trade Receivables Securitization.
The Amendment is among TD SYNNEX, SIT, the subsidiary originators, AVT Technology Solutions LLC (the Removed Originator), the lenders and managing agents party thereto, and The Toronto-Dominion Bank as administrative agent. Under the Amendment, AVT Technology Solutions LLC ceases to be an originator and repurchases the outstanding receivables it previously sold to SIT under a separate Repurchase Agreement. The amendment extends the maturity date of the Trade Receivables Securitization to November 30, 2026, and the lenders received an upfront fee in connection with the Amendment.
The filing also discloses that on the same date SIT converted from a Delaware corporation to a Delaware limited liability company and changed its name to SIT Funding LLC, with the lenders and administrative agent approving the conversion. The filing is primarily a material agreement disclosure. It does not state the size of the facility, the fee amount, or any financial impact on TD SYNNEX's results, and it lists the Amendment as Exhibit 10.1 with certain schedules omitted under Regulation S-K.
02—Key points
Key Highlights
- Fifth Omnibus Amendment to the Trade Receivables Securitization entered into on December 12, 2024
- Maturity of the receivables securitization program extended to November 30, 2026
- Lenders were paid an upfront fee in connection with the Amendment (amount not stated)
- AVT Technology Solutions LLC ceased to be an originator and repurchased its previously sold receivables from SIT under a Repurchase Agreement
- SIT Funding Corporation converted to a Delaware LLC and was renamed SIT Funding LLC on December 12, 2024
- The Toronto-Dominion Bank serves as administrative agent for the program
- Full Amendment filed as Exhibit 10.1, with some schedules omitted under Regulation S-K
03—Questions
Frequently Asked Questions
What did TD SYNNEX agree to in this filing?
TD SYNNEX, its subsidiary originators, and SIT Funding LLC entered into the Fifth Omnibus Amendment to the Fifth Amended and Restated Receivables Funding and Administration Agreement and the Third Amended and Restated Receivables Sale and Servicing Agreement, amending its accounts receivable securitization program.
When does the receivables securitization program now mature?
The Amendment extends the maturity date of the Trade Receivables Securitization to November 30, 2026.
Why did AVT Technology Solutions LLC leave the program?
Under the Amendment, AVT Technology Solutions LLC ceased to be an originator, and it repurchased the outstanding receivables it had previously sold to SIT under a Repurchase Agreement. The filing does not state a reason.
Did the SIT Conversion change the program's structure?
The filing states that SIT converted from a Delaware corporation to a Delaware limited liability company and changed its name to SIT Funding LLC on December 12, 2024. The Amendment documents the lenders' and administrative agent's approval of this conversion.
Where can investors find the full terms?
The full Amendment is filed as Exhibit 10.1 to the 8-K. Certain schedules and information were omitted under Items 601(a)(5), 601(a)(6), and/or 601(b)(10)(iv) of Regulation S-K, and TD SYNNEX undertakes to furnish them to the SEC on request.
04—Continue