Item 1.01 Entry Into a Material Definitive Agreement.
Entry into Credit Agreement
On
The Credit Agreement provides for a revolving credit facility of
Borrowings under the Credit Agreement bear interest at a variable rate. For base rate loans, the interest rate is equal to the sum of the applicable margin, which is established based on the Total Leverage Ratio for the most recently completed fiscal quarter, plus the base rate as established in the agreement. The base rate is the rate per annum equal to the greatest of: (i) BMO's prime commercial rate, (ii) the sum of the Federal Funds Rate for such day plus 1/2 of 1.00%, and (iii) Adjusted term SOFR for a one-month interest period in effect two US Government Securities Business Days prior to such day plus 1.00%. For SOFR loans, the interest rate is equal to the sum of the applicable margin, which is established based on the Total Leverage Ratio for the most recently completed fiscal quarter, plus the adjusted term SOFR applicable for such interest period. For Swing loans, the interest rate is equal to the sum of the applicable margin for base rate loans and the base rate, as described above.
The Credit Agreement requires quarterly payments with respect to base rate loans
and swing loans if the swing loan bears interest by reference to the base rate.
Payments are required at the end of each interest period with respect to SOFR
loans and swing loans if the swing loan bears interest by reference to the Swing
The Credit Agreement matures on
The Credit Agreement also contains customary events of default. If an event of default under the Credit Agreement occurs and is continuing, then the lenders may declare any outstanding obligations under the Credit Agreement immediately due and payable and the lenders will have the right to terminate the Credit Agreement.
Each of the Company's material domestic subsidiaries entered into the Credit Agreement as guarantors of the Company's obligations under the Credit Agreement.
At the closing on
Item 9.01. Financial Statements and Exhibits
Exhibit No. Description 10.1 Credit Agreement by and amongBio-Techne Corporation , the Guarantors party thereto, the Lenders party thereto, andBMO Harris Bank N.A ., as Administrative Agent, datedAugust 31, 2022 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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