Item 1.01. Entry into a Material Definitive Agreement.
On
The Term Loan Agreement has a commitment termination date of
The interest and fee rates payable with respect to the term loan facility based on the Company's current debt rating are as follows: (1) the spread over SOFR for the 18-month tranche is 0.75%; (2) the spread over SOFR for the three-year tranche is 1.00%; (3) the spread over prime for both tranches is zero; and (4) the ticking fee for both tranches is 0.10%, as of the date hereof.
The Term Loan Agreement contains customary covenants and warranties including, among other things, a rolling twelve month interest coverage ratio required to be greater than or equal to 3.0 to 1.0 for each fiscal quarter. In addition, the covenants limit the Company's ability to (or to permit any subsidiaries to), subject to various exceptions and limitations: (i) merge with other companies; (ii) create liens on its property; and (iii) incur debt at the subsidiary level.
The lenders have in the past performed, and may in the future from time to time
perform, investment banking, financial advisory, lending and/or commercial
banking services, or other services for
The description of the Term Loan Agreement is qualified in its entirety by
reference to the complete text of the Term Loan 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
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Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off Balance Sheet Arrangement of a Registrant.
The information regarding the Company's entry into the Term Loan Agreement provided under Item 1.01 above is hereby incorporated by reference.
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in addition to following our press releases,
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