Item 1.01 Entry into a Material Definitive Agreement.
Amended and Restated Term Loan Credit Agreement
On
Pursuant to the Credit Agreement, the initial new Applicable Rate is, at the
Company's option, (i) 2.75% for loans that are LIBOR Loans and (ii) 1.75% for
loans that are ABR Loans. The Credit Agreement further provides that following
the Closing Date, the above Applicable Rate for the Senior Term Loan will be
based on the Company's first lien leverage ratio as follows: (a) if the
Company's first lien leverage ratio is greater than 2:75 to 1.00, the Applicable
Rate will be 2.75% for LIBOR Loans and 1.75% for ABR Loans and (b) if the
Company's first lien leverage ratio is less than or equal to 2.75 to 1.00, the
Applicable Rate will be 2.50% for LIBOR Loans and 1.50% for ABR Loans. For LIBOR
Loans, the loans will bear interest at the Adjusted LIBOR Rate plus the
Applicable Rate, where the Adjusted LIBOR Rate will not be less than 0.50%. The
Company is permitted to make voluntary prepayments of the loans under the Credit
Agreement at any time without payment of a premium, except that a 1% premium
will apply to a repayment of the Senior Term Loan in connection with a repricing
of, or any amendment to the Credit Agreement in a repricing of such loans
effected on or prior to the date that is six months following
The foregoing description is not complete and is qualified in its entirety by reference to the full text of the Credit Agreement, a copy of which is filed herewith as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01 Exhibits.
The following exhibits are furnished as part of this Current Report on Form 8-K.
Exhibit No. Description 10.1 Amended & Restated Term Loan Credit Agreement, dated as ofMarch 9, 2021 , by and among the Company,Leslie's Poolmart, Inc. , the lenders from time to time party thereto andNomura Corporate Funding Americas, LLC , as administrative agent for the Lenders and as collateral agent for the Secured Parties. 1
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