Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
Notes Offering
On
The Notes are the Issuer's senior unsecured obligations and rank senior in right of payment to any future indebtedness of the Issuer that is expressly subordinated in right of payment to the Notes, equal in right of payment to the Issuer's existing and future unsecured indebtedness that is not so subordinated, effectively junior to any of the Issuer's future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally junior to all existing and future indebtedness (including trade payables) and preferred equity of the Issuer's subsidiaries. The Notes are fully and unconditionally guaranteed by the Company on a senior unsecured basis.
The Notes will pay interest semiannually in arrears on
Prior to the close of business on the business day immediately preceding
If a fundamental change (as defined in the Indenture) occurs, subject to certain conditions, holders of the Notes may require the Issuer to repurchase for cash all or any portion of their Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the fundamental change purchase date (as defined in the Indenture). In addition, if certain fundamental changes occur or if the Issuer provides notice of redemption, the Issuer may be required, in certain circumstances, to increase the exchange rate for any Notes exchanged in connection with such fundamental change or notice of redemption.
The Issuer may redeem the Notes, at its option, in whole or in part, on any
business day on or after
If an Event of Default (as defined in the Indenture) other than those described in the following sentence occurs and is continuing, the Trustee by notice to the Issuer, or the holders of at least 25% in aggregate principal amount of the Notes then outstanding by notice to the Issuer and the Trustee, may declare 100% of the principal of, and accrued and unpaid interest, if any, on all then 3
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outstanding Notes to be due and payable. In the case of an Event of Default arising out of certain bankruptcy or insolvency events (as set forth in the Indenture), 100% of the principal of and accrued and unpaid interest on the Notes will automatically become due and payable.
The Issuer intends to use the net proceeds from the sale of the Notes for
general corporate purposes, which may include the repayment or redemption of
debt (which may include the 4.500% Notes due
The foregoing description of the Indenture and the Notes is qualified in its entirety by reference to the Indenture and the form of global note, filed herewith as Exhibits 4.1 and 4.2, respectively, and incorporated by reference herein.
Registration Rights Agreement
In connection with the issuance and sale of the Notes, on
Pursuant to the Registration Rights Agreement, the Company has agreed that it will:
• on or before the 90th day after the original issuance of the Notes, file
a shelf registration statement (which will be an automatic shelf registration statement if the Company is then a well-known seasoned issuer ("WKSI")) or a resale prospectus supplement to an effective shelf registration statement with theSecurities and Exchange Commission (the "SEC") providing for the registration of, and the sale on a continuous delayed basis by the holders of the Common Stock, if any, issuable upon exchange of the Notes;
• if the Company is not a WKSI on such 90th day, use commercially
reasonable efforts to cause the shelf registration statement or resale prospectus supplement to become effective within 180 days after the first . . .
Item 3.02. Unregistered Sales of
The information included in Item 2.03 of this Current Report on Form 8-K is incorporated in this Item 3.02 by reference. The Notes were issued to the initial purchasers in reliance upon Section 4(a)(2) of the Securities Act in transactions not involving any public offering. The Notes were resold by the initial purchasers to persons reasonably believed to be "qualified institutional buyers," as defined in, and in accordance with, Rule 144A under the Securities Act. Initially, a maximum of 10,847,628 shares of Common Stock may be issued upon exchange of the Notes, based on the initial maximum exchange rate of 10.4808 shares of Common Stock per$1,000 principal amount of Notes, which is subject to customary adjustments. 4
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Item 8.01 Other Events.
The information included in Item 2.03 of this Current Report on Form 8-K is incorporated in this Item 8.01 by reference.
Press Release
Also onMay 11, 2021 , the Company and the Issuer issued a press release pursuant to Rule 135c under the Securities Act in connection with the offering of the Notes. A copy of the press release is attached hereto as Exhibit 99.1.
Forward-Looking Statements
This Current Report on Form 8-K contains "forward-looking" statements as defined in the Private Securities Litigation Reform Act of 1995. When the Company uses words such as "may," "will," "intend," "believe," "expect," "project" or similar expressions that do not relate solely to historical matters, the Company is making forward-looking statements. Forward-looking statements, including statements related to the offering of the Notes are not guarantees of future performance and involve risks and uncertainties that may cause the Company's actual results to differ materially from its expectations discussed in the forward-looking statements. This may be a result of various factors, including, but not limited to, those factors discussed in the Company's reports filed from time to time with theSEC .The Company undertakes no obligation to update or revise publicly any forward-looking statements, whether because of new information, future events or otherwise, or to update the reasons why actual re su lts could dif fer from those projected in any forward-looking statements.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
4.1 Indenture, dated as ofMay 11, 2023 , among the Issuer, the Company and the Trustee. 4.2 Form of Global Note (included in Exhibit 4.1 hereto). 10.1 Registration Rights Agreement, dated as ofMay 11, 2023 , among the Company, the Issuer and the initial purchasers party thereto. 99.1 Press release, datedMay 11, 2023 . 104 Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. 5
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