On December 30, 2016, TPI Composites, Inc. entered into an Amended and Restated Financing Agreement by and among the company, certain of its domestic subsidiaries, HPS Investment Partners, LLC as Administrative Agent and Collateral Agent, Capital One, N.A. as Revolving Loan Representative and the lenders from time to time party thereto. The Agreement consists of a four-year term loan facility for an aggregate principal amount of $75.0 million all of which was advanced on December 30, 2016 and a four-year $25.0 million revolving credit facility (inclusive of a $15.0 million letter of credit subfacility), pursuant to which the Lenders have agreed to make revolving loans available. The company drew down $2.8 million on the revolving credit facility in connection with the closing of the transactions contemplated by the Agreement. The Agreement amends and restates in its entirety the Company's existing $100.0 million term loan credit facility provided by Highbridge Principal Strategies, LLC as Administrative Agent and Collateral Agent and the lenders from time to time party thereto (the Existing Financing Agreement) and reduces the applicable margin used to calculate the interest rate on the Term Loan by 225 basis points. The Existing Financing Agreement was scheduled to mature on August 19, 2018. The Borrowings under the Agreement bear interest at a variable rate through maturity at LIBOR plus an applicable margin of 5.75%; provided that in no event will the base LIBOR rate be less than 1.00%. Alternatively, the Company may elect to calculate the interest rate for Borrowings as follows: the greater of (a) 3.00% per annum, (b) the federal funds rate plus 0.50% per annum, or (c) the rate of interest publicly announced by JPMorgan Chase Bank, N.A. in New York, New York from time to time as its reference rate, base rate or prime rate, plus, in each case, an applicable margin of 5.75%. Interest is payable either quarterly in arrears or, with respect to loans based upon LIBOR, on the last day of the applicable 1, 2 or 3 month interest period. Principal payments on the Term Loan are payable in equal quarterly installments of $937,500 commencing on March 31, 2017, with the outstanding balance of all Borrowings to be repaid on December 30, 2020. If all or any of the Term Loan is prepaid or required to be prepaid under the Agreement, then the Company shall pay, in addition to such prepayment, a prepayment premium equal to (i) 3.00% of the amount of principal prepaid, plus all interest which, absent such prepayment, would have accrued on the principal prepaid through December 30, 2017, if such prepayment occurs prior to December 30, 2017, (ii) 2.00% of the amount of principal prepaid if such prepayment occurs on or after December 30, 2017, but prior to December 30, 2018, (iii) 1.50% of the amount of the principal prepaid if such prepayment occurs on or after December 30, 2018 but prior to December 30, 2019. The Term Loan was made with a 2.00% original issue discount.