SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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|ITEM 2.03||Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.|
On January 19, 2021, Preformed Line LLC, a subsidiary of Preformed Line Products Company (the “Company”), received funding for a term loan from PNC Equipment Finance LLC in the original principal amount of $20,500,000 for the purchase of a corporate aircraft. This aircraft replaces the Company’s former aircraft, which was sold in December 2020, and the proceeds of such sale were used to pay off the debt associated with the former aircraft.
The loan is payable in 119 monthly installments in the amount of $170,833.33 plus interest commencing on March 1, 2021 and ending on February 1, 2031 with the final payment of any outstanding principal and accrued interest due and payable. The loan will bear fixed interest at 2.744% and it is secured by the aircraft.
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.
Preformed Line Products Company
|Dated: January 21, 2021||By:||/s/ Caroline Vaccariello|
|General Counsel and Corporate Secretary|