Item 1.01 Entry into a Material Definitive Agreement.
Bridge Credit Agreement
The Bridge Credit Agreement provides for £714,000,000 plus
Loans under the Bridge Credit Agreement will be available in Pounds Sterling and Dollars, as applicable. Loans denominated in Pounds Sterling will bear interest at a fluctuating rate per annum equal to the SONIA Rate (as defined in the Bridge Credit Agreement) and loans denominated in Dollars will bear interest at a fluctuating rate per annum equal to, at the Company's option, either Term SOFR (as defined in the Bridge Credit Agreement) or a base rate, in each case, plus an applicable margin based on the Company's leverage ratio, plus, as applicable, a customary SONIA adjustment rate or SOFR adjustment rate.
The obligations under the Bridge Credit Agreement are guaranteed by certain material domestic subsidiaries of the Company and additional domestic subsidiaries designated by the Company so that the obligations under the Bridge Credit Agreement are guaranteed by domestic subsidiaries that, together with the Company, account for at least 80% of consolidated total assets and 80% of the consolidated total revenues of the Company and its subsidiaries (the "Guarantors") and secured by substantially all assets of the Company and such Guarantors, subject to customary exceptions.
The Bridge Credit Agreement contains representations and warranties, affirmative and negative covenants, and events of default customary for secured financings of this type, including negative covenants that, among other things limit the ability of the Company and its subsidiaries to incur liens, make dividends, distributions and other restricted payments, make certain fundamental changes and dispose of assets, and to incur indebtedness, in each case subject to exceptions and qualifications. In addition, the Bridge Credit Agreement requires the Company, to maintain a consolidated leverage ratio less than or equal to 3.75 to 1.0 and a consolidated interest coverage ratio of not less than 3.0 to 1.0.
A copy of the Bridge Credit Agreement is included herein as Exhibit 10.1 and is incorporated herein by reference. The foregoing description of the Bridge Credit Agreement is qualified in its entirety by reference to the full text thereof.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The description of the Bridge Credit Agreement set forth in Item 1.01 above is incorporated into this Item 2.03 by reference.
Item 8.01 Other Events. Rule 2.7 Announcement
On
The Acquisition is conditioned upon, among other things, (i) the Scheme becoming
unconditional and effective, subject to the provisions of the
The Company has reserved the right, subject to the prior consent of the Panel
(and to the terms of the Cooperation Agreement and the Rule 2.7 Announcement),
to elect to implement the Acquisition by way of a takeover offer (as such item
is defined in the
A copy of the Rule 2.7 Announcement is included herein as Exhibit 99.1 and is incorporated herein by reference. The foregoing description of the Rule 2.7 Announcement is qualified in its entirety by reference to the full text thereof.
Cooperation Agreement
On
The Company has the right to terminate the Cooperation Agreement in certain circumstances, including (i) if the RPS board of directors publicly withdraws, adversely qualifies, adversely modifies, or fails to re-affirm or re-issue (where reasonably requested by the Company to do so) its unanimous and unconditional recommendation that RPS shareholders vote in favor of the Scheme or (ii) a competing transaction is either recommended by the RPS board of directors or is completed, becomes effective, or is declared or becomes unconditional in all respects.
A copy of the Cooperation Agreement is included herein as Exhibit 99.2 and is incorporated herein by reference. The foregoing description of the Cooperation Agreement is qualified in its entirety by reference to the full text thereof.
Irrevocable Undertakings
The Scheme is subject to the approval of the RPS shareholders in accordance with
the
The undertakings will continue to be binding in the event that a competing offer is made for RPS. They will cease to be binding in certain circumstances, including if (i) the Company announces that it does not intend to make or proceed with the Acquisition, (ii) the Scheme does not become effective, is withdrawn, or lapses in accordance with its terms, or (iii) a competing offer for the entire issued share capital of RPS becomes or is declared unconditional or, if proceeding by way of scheme of arrangement, becomes effective, and will remain binding in the event that a higher competing offer for RPS is made.
Press Release
On
Notice to Shareholders Regarding
The Company directs the attention of its shareholders to certain disclosure
requirements applicable to the Acquisition. The relevant disclosure requirements
are set out in Rule 8 of the
Further information about the Panel's disclosure regime is available at: http://www.thetakeoverpanel.org.uk/disclosure. If a Company shareholder has any questions on these disclosure requirements, the Panel's Market Surveillance Unit can be contacted on +44 (0)20 7638 0129.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits Exhibit Number Exhibit Title or Description 10.1 Bridge Credit Agreement* 99.1 Rule 2.7 Announcement 99.2 Cooperation Agreement* 99.3 Press Release issued by the Company, datedSeptember 23, 2022 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
* Exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K. The registrant hereby undertakes to furnish copies of any of the omitted schedules or exhibits to the Commission or its staff upon request.
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