Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
On October 13, 2021, AllianceBernstein L.P. ("AB" or the "Company") entered into
an amended and restated committed, unsecured five-year senior revolving credit
facility in a principal amount of up to $800 million with Sanford C. Bernstein &
Co., LLC (a wholly-owned subsidiary of AB, "SCB," and, together with AB, the
"Borrowers"), as an additional Borrower, Bank of America, N.A., as
Administrative Agent, BOFA Securities, Inc., Citibank, N.A., HSBC Securities
(USA) Inc., JPMorgan Chase Bank, N.A., State Street Bank and Trust Company and
Sumitomo Mitsui Banking Corporation, as joint lead arrangers and joint book
managers, and the other lending institutions party thereto (the "Amended and
Restated Credit Facility"). The Amended and Restated Credit Facility amends and
restates the existing syndicated revolving credit facility of the Borrowers that
was last extended, amended and restated in September 2018 (the "2018 Credit
Facility").
The Amended and Restated Credit Facility amends and restates the 2018 Credit
Facility primarily in order to (i) extend the maturity date from September 27,
2023 to October 13, 2026 and (ii) reprice the facility in line with current
market conditions. Pursuant to an accordion feature, the Borrowers may request
to increase the facility from time to time by up to $200 million, subject to the
conditions set forth in the Amended and Restated Credit Facility. In addition,
the Borrowers are entitled to establish specified Key Performance Indicators
("KPIs") with respect to certain Environmental, Social and Governance ("ESG")
targets of the Company, in which case, borrowing and fee rates under the
facility may be subject to downward or upward adjustments based on the Company's
performance against the KPIs. Other than the changes in maturity and pricing,
the Amended and Restated Credit Facility does not include any significant
changes in terms and conditions.
The foregoing does not constitute a complete summary of the terms of the Amended
and Restated Credit Facility, and reference is made to the complete text of the
credit agreement, which is attached hereto as Exhibit 10.01.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
10.01 Credit Agreement.
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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