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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
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Current Report
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 19, 2022
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LKQ CORPORATION
(Exact name of registrant as specified in its charter)
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| Delaware | 000-50404 | | | 36-4215970 |
(State or other jurisdiction of
incorporation or organization) | (Commission
File Number) | | | (IRS Employer
Identification No.) |
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500 West Madison Street, Suite 2800 | | | | | |
Chicago, Illinois | | | | | 60661 |
| (Address of principal executive offices) | | | | | (Zip Code) |
Registrant's telephone number, including area code: (312) 621-1950
N/A
(Former name or former address, if changed since last report)
________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock, par value $.01 per share | | LKQ | | NASDAQ Global Select Market |
Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
On April 19, 2022, LKQ Corporation ("LKQ") issued a press release announcing that S&P Global Ratings ("S&P") raised LKQ's issuer credit rating to an investment grade rating of 'BBB-' from 'BB+'. Additionally, S&P raised LKQ's issuer-level rating on its unsecured debt to 'BBB-' from 'BB+'. S&P's rating outlook for LKQ is stable.
A copy of the April 19, 2022 press release is filed as Exhibit 99.1 to this report and is incorporated herein by reference.
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| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
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Exhibit
Number | | Description of Exhibit |
| | LKQ Corporation Press Release dated April 19, 2022. |
| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
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.
Dated: April 20, 2022
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| LKQ CORPORATION |
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| By: | /s/ Varun Laroyia |
| Varun Laroyia |
| Executive Vice President and Chief Financial Officer |
LKQ Corporation Achieves S&P Investment Grade Rating of ‘BBB-’ with Stable Outlook
Chicago, IL (April 19, 2022) -- LKQ Corporation (Nasdaq: LKQ), a leading provider of alternative and specialty parts to repair and accessorize automobiles, announced that S&P Global Ratings (“S&P”) raised the Company’s issuer credit rating to an investment grade rating of ‘BBB-‘ from ‘BB+’. Additionally, S&P raised the Company’s issuer-level rating on its unsecured debt to 'BBB-' from 'BB+'. S&P’s rating outlook for LKQ Corporation is stable.
“Achieving investment grade status with S&P is further validation of our Operational Excellence program that we launched in 2019. The success of this program has supported our ability to deliver record financial results under difficult conditions, strengthen our balance sheet and execute a disciplined capital allocation strategy,” said Varun Laroyia, Executive Vice President and Chief Financial Officer. “The immediate implication of the upgrade is that collateral requirements fall off our senior secured revolving credit facility. With this upgraded rating, we expect the Company over time to continue to drive higher levels of free cash flow to invest in growing our business and returning capital to stockholders.”
About LKQ Corporation
LKQ Corporation (www.lkqcorp.com) is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of OE recycled and aftermarket parts, replacement systems, components, equipment, and services to repair and accessorize automobiles, trucks, and recreational and performance vehicles.
Forward Looking Statements
Statements and information in this press release that are not historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are made pursuant to the “safe harbor” provisions of such Act.
Forward-looking statements include, but are not limited to, statements regarding our outlook, guidance, expectations, beliefs, hopes, intentions and strategies. These statements are subject to a number of risks, uncertainties, assumptions and other factors including those identified below. All forward-looking statements are based on information available to us at the time the statements are made. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
You should not place undue reliance on our forward-looking statements. Actual events or results may differ materially from those expressed or implied in the forward-looking statements. The risks, uncertainties, assumptions and other factors that could cause actual events or results to differ from the events or results predicted or implied by our forward-looking statements include, among others, major events affecting the bond markets, changes in interest rates, changes in our cash position or cash requirements for other purposes, general market conditions, and other factors discussed in our filings with the SEC, including those disclosed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2021 and in our subsequent Quarterly Reports on Form 10-Q. These reports are available on our investor relations website at lkqcorp.com and on the SEC website at sec.gov.
Contact:
Joseph P. Boutross
Vice President, Investor Relations
LKQ Corporation
(312) 621-2793