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MHK > SEC Filings for MHK > Form 8-K on 3-Mar-2014All Recent SEC Filings

Show all filings for MOHAWK INDUSTRIES INC



Creation of a Direct Financial Obligation or an Obligation under an Off-Bal

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

On February 28, 2014, Mohawk Industries, Inc. ("Mohawk") entered into definitive documentation to establish a commercial paper program for the issuance of unsecured commercial paper (the "Notes") in the United States capital markets. Under the program, Mohawk may issue Notes from time to time in an aggregate amount not to exceed $1.00 billion outstanding at any time. The Notes will have maturities ranging from one day to 397 days and will not be subject to voluntary prepayment by Mohawk or redemption prior to maturity. The Notes will rank pari passu with all of Mohawk's other unsecured and unsubordinated indebtedness.

The proceeds from the sale of the Notes will be available to Mohawk for general corporate purposes. Mohawk expects to use the initial proceeds from the sale of the Notes to repay borrowings under its revolving credit facility. Mohawk also plans to use the revolving credit facility as a liquidity backstop for its borrowings under the commercial paper program.

The Notes will be issued pursuant to the terms and conditions of the issuing and paying agency agreement (the "Issuing and Paying Agency Agreement"), between Mohawk and U.S. Bank National Association, and will be sold pursuant to the terms and conditions of commercial paper dealer agreements (collectively, the "Dealer Agreements") between Mohawk and dealers selected by Mohawk from time to time to participate in the program. The Issuing and Paying Agency Agreement and Dealer Agreements each contain customary representations, warranties, covenants and indemnification provisions.

The Notes will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or state securities laws, and may only be offered and sold in compliance with an applicable exemption from the registration requirements of the Securities Act and any applicable state securities laws. This announcement is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction or an exemption therefrom.

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