Item 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN
OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT
On
Borrowings under the Term Facility will bear interest at a rate equal to, at the
option of the Company, either (a) the
The Term Facility requires the Company to maintain a leverage ratio of not more
than 3.50 to 1.00 as of the last day of each fiscal quarter, provided, however,
that the maximum leverage ratio is subject to increase in connection with the
consummation of certain types of acquisitions as more particularly set forth in
the Term Facility. The Company is also required to maintain an interest expense
coverage ratio of not less than 3.00 to 1.00 as of the end of each fiscal
quarter. The Term Facility contains customary representations and warranties,
affirmative and negative covenants, and events of default. The Term Facility
will mature no later than
The above description of the Term Facility and the transactions contemplated thereby does not purport to be complete and is qualified in its entirety by reference to the full text of the Term Facility, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and which is incorporated herein by reference.
Item 9.01 FINANCIAL STATEMENT AND EXHIBITS
(d) Exhibits 10.1 Loan Agreement amongPatterson Companies, Inc. , the lenders from time to time parties thereto, andMUFG Bank Ltd. , as administrative agent datedDecember 20, 2019 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document).
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