Item 1.01. Entry into a Material Definitive Agreement.

On August 15, 2022 (the "Closing Date"), Westinghouse Air Brake Technologies Corporation (the "Company" or "Wabtec"), Wabtec Transportation Netherlands B.V. ("Wabtec Transportation") and certain other subsidiaries of the Company entered into an Amendment and Restatement Agreement, dated August 15, 2022 (the "Amendment and Restatement Agreement"), which amended, restated and replaced in its entirety its existing Credit Agreement, dated June 8, 2018 (as amended from time to time prior to August 15, 2022, the "Original Credit Agreement"), with a new amended and restated Credit Agreement (the "Restated Credit Agreement") that provides for (i) an updated $1.5 billion revolving credit facility (the "Revolving Credit Facility") and (ii) a new $250.0 million delayed draw term loan facility (the "Delayed Draw Term Loan"), all pursuant to the terms and conditions of the Restated Credit Agreement (which are consistent with the terms of the Original Credit Agreement). The Restated Credit Agreement contains an uncommitted accordion feature allowing the Company to request, in an aggregate amount not to exceed $750.0 million, (a) increases to the borrowing commitments under the Revolving Credit Facility or (b) new incremental term loan commitments.

The Revolving Credit Facility matures on the fifth anniversary of the Closing Date and is unsecured. The Delayed Draw Term Loan matures on the fifth anniversary of the Closing Date and is unsecured. The applicable interest rate for borrowings under the Restated Credit Agreement includes interest rate spreads based on the lower of the pricing corresponding to (i) the Company's financial leverage or (ii) the Company's public rating, in each case that range between 1.000% and 1.750% for Term SOFR, CDOR, RFR, and Daily Simple SOFR-based borrowings and 0.000% and 0.750% for Alternate Base Rate based borrowings. The obligations of the Company and other Borrowers under the Restated Credit Agreement have been guaranteed by certain of the Company's subsidiaries. Borrowings of any Delayed Draw Term Loans and under the Revolving Credit Facility are subject, in each case, to customary borrowing conditions precedent.

The Restated Credit Agreement contains customary affirmative and negative covenants for credit facilities of this type, including limitations on the Company and certain of the Company's subsidiaries (collectively, the "Loan Parties") with respect to, among other things, indebtedness, liens, fundamental changes, restricted payments and restrictive agreements. So long as at the time of declaration, and after giving effect to such payments as at the time of declaration, no default or event of default exists and the Company is in compliance with the financial covenants set forth in the Restated Credit Agreement, the Company is permitted to pay dividends and make other restricted payments.

The Restated Credit Agreement provides for customary events of default.

Some of the lenders under the Original Credit Agreement and some of the lenders under the Restated Credit Agreement, and/or their affiliates, had, have or may in the future have various relationships with the Company and its subsidiaries involving the provision of a variety of financial services, including investment banking, underwriting, commercial banking, letters of credit, for which the lenders and/or affiliates receive customary fees and, in some cases, out-of-pocket expenses.

The foregoing is a brief summary of the material terms and conditions of the Restated Credit Agreement and is not a complete discussion of the document. Accordingly, the foregoing is qualified in its entirety by reference to the full text of the Restated Credit Agreement, a copy of which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ending September 30, 2022. In addition, on August 17, 2022, the Company issued a press release regarding the Restated Credit Agreement. A copy of the press release is filed as Exhibit 99.1 to this report and is hereby incorporated by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an

Off-Balance Sheet Arrangement of a Registrant.

The information set forth above under Item 1.01 is hereby incorporated by reference into this Item 2.03.

Item 9.01. Financial Statements and Exhibits





(d) Exhibits.

The following exhibits are furnished with this report on Form 8-K:

Exhibit No. Description


  99.1      Press release dated August 17 , 2022
            Cover Page Interactive Data File (embedded within the Inline XBRL
104         document)

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