John Wiley & Sons, Inc. Enters into First Amendment to Third Amended and Restated Credit Agreement
December 23, 2021 at 03:34 pm EST
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On December 22, 2021, John Wiley & Sons, Inc. and certain of its subsidiaries, entered into the first amendment to the Third Amended and Restated Credit Agreement, with Bank of America, N.A., as administrative agent, swing line lender, and L/C issuer, and the lenders, and other agents party thereto. The First Amendment amends the Restated Credit Agreement dated as of May 30, 2019, which amended and restated the Companys original credit agreement with BOA, entered into on November 2, 2011, and was previously amended on March 1, 2016. The First Amendment, among other things, (i) changes the rate under the Credit Agreement for borrowings denominated in Sterling from a LIBOR-based rate to daily simple SONIA (Sterling Overnight Index Average) subject to certain adjustments specified in the Credit Agreement, (ii) changes the rate under the Credit Agreement for borrowings denominated in Euro from a LIBOR-based rate to a EURIBOR-based rate or a Euro Short Term Rate subject to certain adjustments specified in the Credit Agreement, and (iii) updates certain other provisions regarding successor interest rates to LIBOR.
John Wiley & Sons, Inc. is a knowledge company. The Company is engaged in providing research, publishing, and knowledge solutions. The Company's segments include Research, Learning, and Held for Sale or Sold. Research segment is a provide peer-reviewed scientific, technical, and medical (STM) publishing, content platforms, and related services to academic, corporate, and government customers, academic societies, and individual researchers. The Learning segment provides scientific, professional, and education print and digital books, digital courseware to libraries, corporations, students, professionals, and researchers, as well as assessment services to businesses and professionals. The Company's Research Publishing products provide scientific, technical, medical, and scholarly journals, as well as related content and services, to academic, corporate, and government libraries, learned societies, and individual researchers, and other professionals.