Item 1.01. Entry into a Material Definitive Agreement.
Five Year Credit Agreement
On
Borrowings under the Five Year Credit Facility will bear interest at a rate dependent on the Company's credit ratings and based, at the Company's election, on a defined base rate or on LIBOR for the applicable interest period. In the case of borrowings based on the base rate, an applicable margin ranging from 0.000% to 0.250% will apply, based on the Company's then-current credit ratings. The base rate is defined as the highest of (i) the per annum rate of interest established by Crédit Agricole as its prime lending rate at the time of such borrowing, (ii) the Federal Funds Rate, as in effect at the time of borrowing, plus one-half of one percent (0.50%) per annum, or (iii) the one-month LIBOR plus one percent (1.00%). In the case of borrowings based on LIBOR, an applicable margin ranging from 0.750% to 1.250% will apply, based on the Company's then-current credit ratings. The effective total interest rate may be modified in the event of a change in the Company's credit ratings.
The Company must also pay commitment fees quarterly in arrears on the average daily unused portion of the credit facility at rates ranging from 0.060% to 0.175% per annum, dependent upon the Company's credit ratings. Based upon the Company's current credit ratings, the commitment fee would be at the rate of 0.125%.
The Five Year Credit Facility will expire on
In the event of a default by the Company under the Five Year Credit Facility, including cross-defaults relating to specified other indebtedness of the Company, Crédit Agricole may, upon the consent of lenders holding a certain minimum of loans, and shall, upon the request and direction of such lenders, declare the amounts under the Five Year Credit Facility outstanding, including all accrued interest and unpaid fees, payable immediately, and enforce any and all rights and interests created and existing under the Five Year Credit Facility documents, including, without limitation, all rights of set-off and all other rights available under the law. For certain events of default relating to insolvency, bankruptcy or receivership, the amounts outstanding under the Five Year Credit Facility automatically become payable immediately.
Three Year Credit Agreement
On
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Borrowings under the Three Year Credit Facility will bear interest at a rate dependent on the Company's credit ratings and based, at the Company's election, on a defined base rate or on LIBOR for the applicable interest period. In the case of borrowings based on the base rate, an applicable margin ranging from 0.000% to 0.250% will apply, based on the Company's then-current credit ratings. The base rate is defined as the highest of (i) the per annum rate of interest established by Crédit Agricole as its prime lending rate at the time of such borrowing, (ii) the Federal Funds Rate, as in effect at the time of borrowing, plus one-half of one percent (0.50%) per annum, or (iii) the one-month LIBOR plus one percent (1.00%). In the case of borrowings based on LIBOR, an applicable margin ranging from 0.750% to 1.250% will apply, based on the Company's then-current credit ratings. The effective total interest rate may be modified in the event of a change in the Company's credit ratings.
The Company must also pay commitment fees quarterly in arrears on the average daily unused portion of the credit facility at rates ranging from 0.050% to 0.165% per annum, dependent upon the Company's credit ratings. Based upon the Company's current credit ratings, the commitment fee would be at the rate of 0.115%. . . .
Item 2.02. Termination of a Material Definitive Agreement.
On
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Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information described in Item 1.01 above is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits Exhibit Number Description 10.1 Revolving Credit Agreement, dated as ofMarch 31, 2021 , amongAtmos Energy Corporation , CréditAgricole Corporate and Investment Bank , as the Administrative Agent, the agents, arrangers and bookrunners named therein, and the lenders named therein. 10.2 Revolving Credit Agreement, dated as ofMarch 31, 2021 , amongAtmos Energy Corporation , CréditAgricole Corporate and Investment Bank , as the Administrative Agent, the agents, arrangers and bookrunners named therein, and the lenders named therein. 104 Cover Page Interactive Data File. The cover page interactive data file does not appear in the interactive data file because its XBRL tags are embedded within the Inline XBRL document.
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