公司(美国生牌)与美国摩根大通银行(“摩根大通”)的信贷协议(“ABL协议”)包括基于
最高本金总额为1.5亿美元的循环信贷融通,该融通将于2023年3月2日到期。
并签订贷款协议(“定期贷款”,与ABL协议一起称为“债务协议”)提供了原始的高级担保定期贷款信贷融通:本金为2.75亿美元,于2025年2月28日到期。
定期贷款将按季度偿还,2018年6月30日开始偿还,每次偿还本金等于定期贷款贷款原始本金总额的0.25%。
定期贷款要求公司根据超额现金流(如有)每年提前偿还本金。该估计金额记录在当期
合并资产负债表上的定期贷款到期日。根据债务协议,当公司支付超额现金流时
首先应用于满足未来季度所需付款(按到期日排序)。
ABL协议下的最大借款金额(如果满足某些条件 )将增加至2亿美元。如果确定,可在定期贷款下增加一笔或多笔增量贷款满足条件。
增量贷款不得超过
(i)5000万美元及以上
(ii)无限额,前提是
(ii)仅在以下情况下,根据定期贷款的定义和计算,公司的担保净杠杆率不大于3.75至1.00
期限和定期贷款规定的期限。
Credit Facilities
The Company’s credit agreement (the “ABL Agreement”) with JPMorgan Chase Bank, N.A. (“JPMorgan”), includes a senior secured asset-based revolving credit facility in the maximum aggregate principal amount of $150.0 million, which facility will mature on March 2, 2023, and a loan agreement
(the “Term Loan” and together with the ABL Agreement, the “Debt Agreements”) provides for a senior secured term loan credit facility in the original principal amount of $275.0 million, which matures on February 28, 2025. The Term Loan facility will be repaid in quarterly payments, which commenced June 30, 2018, of principal equal to 0.25% of the original aggregate principal amount of the Term Loan facility. The Term Loan requires the Company to make an annual prepayment of principal based upon excess cash flow (the “Excess Cash Flow”), if any. This estimated amount is recorded in the current maturity of term loan on the consolidated balance sheets. Per the Debt Agreements, when the Company makes an Excess Cash Flow payment, the payment is first applied to satisfy the future quarterly required payments in order of maturity. The maximum borrowing amount under the ABL Agreement may be increased to up to $200.0 million if certain conditions are met. One or more tranches of Incremental Facilities may be added under the Term Loan if certain conditions are met. The Incremental Facilities may not exceed the sum of (i) $50.0 million plus (ii) an unlimited amount so long as, in the case of (ii) only, the Company’s secured net leverage ratio, as defined in and computed pursuant to the Term Loan, is no greater than 3.75 to 1.00 subject to certain limitations and for the period defined pursuant to the Term Loan.