Item 1.01. Entry into a Material Definitive Agreement.
On
Extensions of credit under the Delayed Draw facility are available to the Company in up to two advances during the period from the date of the Amendment until one year thereafter.
Amounts outstanding under the Amended Credit Agreement will bear interest at a rate equal to, at the Company's election, either Term SOFR plus a SOFR adjustment of 0.10%, plus an interest rate margin between 1.125% per annum and 2.00% per annum, depending on the Company's consolidated net leverage ratio, or base rate plus an interest rate margin between 0.125% per annum and 1.00% per annum, depending on the Company's consolidated net leverage ratio. In addition, the Company will be required to pay to the lenders a ticking fee of 0.20% per annum on the actual daily unused portion of the Delayed Draw Facility during the availability period, and a quarterly commitment fee ranging from 0.175% to 0.300% per annum on the actual daily unused amount of the Revolving Facility, based upon the Company's consolidated net leverage ratio at such time, and fees relating to the issuance of letters of credit.
The financial institutions party to the Amended Credit Agreement and their respective affiliates are full service financial institutions engaged in various activities, which may include sales and trading, commercial and investment banking, advisory, investment management, investment research, principal investment, hedging, market making, brokerage, and other financial and non-financial activities and services. Certain of these financial institutions and their respective affiliates have provided, and may in the future provide, a variety of these services to the Company and to persons and entities with relationships with the Company, for which they received or will receive customary fees and expenses.
This summary of the Amended Credit Agreement is qualified in its entirety by
reference to the full text of the Amended Credit Agreement, which will be filed
as an exhibit to the Company's Annual Report on Form 10-K for the fiscal year
ended
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of Registrant.
The information set forth under "Item 1.01-Entry into a Material Definitive Agreement" is incorporated herein by reference.
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