The term loan lenders will provide refinancing term loans in an aggregate amount of $2.188 billion to effect a repricing of term loans.
The term loans bear interest, at the borrower’s option at an adjusted Eurodollar rate plus an applicable margin credit spread or at an alternative base rate plus an applicable margin credit spread.
The amendment lowers the applicable margin credit spread for adjusted Eurodollar rate term loans from 2.50% to 2.25% per annum and lowers the applicable margin credit spread for alternative base rate term loans from 1.50% to 1.25% per annum. Additionally, the amendment lowers the adjusted Eurodollar rate “floor” from 0.75% to 0.00% per annum (and thereby effectively lowers the alternative base rate “floor” from 1.75% per annum to 1.00% per annum).
Other than the items indicated above, the terms and conditions of the existing credit agreement were unchanged.