Material Agreement · New Debt / Obligation

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549     FORM 8-K     CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 DATE OF REPORT (Date of earliest event reported): March 12, 2021     POWELL INDUSTRIES, INC. (Exact Name of Registrant as Specified in Its Charter)       Delaware   001-12488   88-0106100 (State or other jurisdiction of incorporation or organization)   (Commission File Number)   (I.R.S. Employer Identification Number)   8550 Mosley Road , Houston , Texas   77075-1180 (Address of principal executive offices)   (Zip Code) (713) 944-6900 (Registrant’s Telephone Number, Including Area Code) 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:   ☐ Written communications pursuant to Rule 425 under the Securities Act (17CFR230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17CFR240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17CFR240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17CFR240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol   Name of each exchange on which registered Common Stock, par value $0.01 per share   POWL   Nasdaq Global 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. ☐       Item 1.01 Entry into a Material Definitive Agreement. As previously disclosed, on September 27, 2019, Powell Industries, Inc., a Delaware corporation (the “Company”), together with certain of its direct subsidiaries, entered into an Amended and Restated Credit Agreement (the “2019 Credit Agreement”) with the lenders party thereto, Bank of America, N.A., as Administrative Agent, Swingline Lender and L/C Issuer (“Bank of America”), and BofA Securities, Inc, as Sole Lead Arranger and Sole Bookrunner. On March 12, 2021, the Company, together with certain of its direct subsidiaries, entered into a first amendment to the 2019 Credit Agreement (the “First Amendment”) with the lenders party thereto and Bank of America, as Administrative Agent, Swingline Lender, L/C Issuer and a Lender. The First Amendment amended the 2019 Credit Agreement by, among other things, (i) adding and amending certain terms related to the replacement of interest rate benchmarks in connection with the expected discontinuation of the publication of the London Interbank Offered Rate, and (ii) amending certain terms related to the calculation of the Company’s consolidated leverage ratio from gross leverage to net leverage. The foregoing description of the terms of the First Amendment does not purport to be complete and is qualified in its entirety by the full text of the First Amendment, a copy of which is filed herewith as Exhibit 10.1. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information contained in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference. Item 9.01 Financial Statements and Exhibits. (d) Exhibits.   Exhibit Number    Description 10.1    First Amendment to Credit Agreement dated March 12, 2021 104    Cover Page Interactive Data File (embedded within the Inline XBRL document). SIGNATURES 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 thereunto duly authorized.       POWELL INDUSTRIES, INC. Date: March 16, 2021         By:   /s/ Michael W. Metcalf         Michael W. Metcalf         Executive Vice President         Chief Financial Officer         (Principal Financial Officer)