ITEM 1.01 - ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Pursuant to a Credit Agreement, dated
On
• mature onSeptember 28, 2025 ; • amortize in equal quarterly installments in aggregate amounts equal to 0.25% of the principal amount of the Refinancing Term Loan as ofJanuary 23, 2020 , with the balance payable at maturity; • be subject to mandatory prepayment provisions upon the occurrence of certain specified events substantially similar to the Existing Term Loan, including certain asset sales, debt issuances, and receipt of annual Excess Cash Flow (as defined in the Credit Agreement); • bear interest, at Ciena's election, at a per annum rate equal to (a) LIBOR (subject to a floor of 0.00%) plus an applicable margin of 1.75%, or (b) a base rate (subject to a floor of 1.00%) plus an applicable margin of 0.75%; and • be repayable at any time at Ciena's election, provided that repayment of the Refinancing Term Loan with proceeds of certain indebtedness prior toJuly 23, 2020 will require a prepayment premium of 1% of the aggregate principal amount of such prepayment.
Except as amended by the Refinancing Agreement, the remaining terms of the Credit Agreement remain in full force and effect.
The foregoing does not purport to be a complete description of the terms of the Refinancing Agreement and such description is qualified in its entirety by reference to the Refinancing Agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
ITEM 2.03 - CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OR A REGISTRANT
The information set forth under "Item 1.01 - Entry into a Material Definitive Agreement" is incorporated in this Item 2.03 by reference.
Item 9.01 - Financial Statements and Exhibits
(d) Exhibits.
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Exhibit Number Description of Document 10.1 Refinancing Amendment to Credit Agreement, datedJanuary 23, 2020 , by and amongCiena Corporation ,Ciena Communications, Inc. ,Ciena Government Solutions, Inc. ,Ciena Communications International, LLC ,Blue Planet Software, Inc. ,Bank of America, N.A ., as administrative agent, and the lenders party thereto. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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