According to an 8-K filing, ADT Security entered an agreement with Barclays Bank, as administrative agent, extending the maturity date of its existing $575 million first lien revolving credit facility to Oct. 1, 2029 and obtained an additional $225 million of commitments under an extended first lien revolving credit facility._x000D_
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The aggregate amount of commitments under the extended first lien revolving credit facility is $800 million._x000D_
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Borrowings under the extended first lien revolving credit facility bear interest at a rate equal to, at the borrowers’ option, either (a) a term SOFR rate with a floor of zero or (b) a base rate determined by reference to the highest of (i) the federal funds rate plus 0.50% per annum, (ii) the rate of interest per annum last quoted by the Wall Street Journal as the “prime rate” in the United States and (iii) the one-month adjusted term SOFR plus 1.00% per annum, in each case, plus an applicable margin of 2.00% per annum for term SOFR loans and 1.00% per annum for base rate loans, subject to two step-downs based on certain specified net first lien leverage ratios. In addition, the borrowers are required to pay a commitment fee equal to 0.30% per annum to the lenders under the extended first lien revolving credit facility in respect of the unutilized commitments thereunder, subject to two step-downs based on certain specified net first lien leverage ratios._x000D_
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Other than as described above, the extended first lien revolving credit facility continues to have the same terms as the existing first lien revolving credit facility outstanding under the existing credit agreement immediately prior to the closing date. Additionally, the parties to the amended and restated credit agreement continue to have the same obligations set forth in the existing credit agreement.
Forward for Specialty Finance
