Switch, the technology infrastructure corporation, repriced its credit facility and amended the applicable credit agreement.
According to a related 8-K filing, Wells Fargo acted as administrative agent for the amendment.
The repricing modified the existing $600 million term loan facility by removing the pricing grid and reducing the interest rate margin to 1.25%, along with adjusting the pricing grid on its revolving credit facility to reduce interest rate margins by 0.50% at each grid level.
The amendment also included an obligation for Switch to pay a prepayment premium to the term loan lenders in the amount of 1.00% of the aggregate principal amount of the term loan in the event of another repricing transaction on or before the six-month anniversary of the amendment.
The remaining terms of the credit agreement were substantially unchanged.
