SITEONE LANDSCAPE SUPPLY, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an…
Item 1.01. Entry into a Material Definitive Agreement.
SiteOne Landscape Supply, Inc. (the "Company") announced that certain of itssubsidiaries have entered into the Fifth Amendment to Amended and RestatedCredit Agreement, dated as of March 23, 2021 (the "Fifth Amendment"), by andamong SiteOne Landscape Supply Holding, LLC ("Holding") and SiteOne LandscapeSupply, LLC, as borrowers (collectively, the "Borrowers"), JPMorgan Chase Bank,N.A. (the "New Agent"), as administrative agent and collateral agent, theseveral banks and other financial institutions party thereto and certain otherparties party thereto from time to time. The Fifth Amendment amends and restatesthe Amended and Restated Credit Agreement, dated as of April 29, 2016, among theBorrowers, the lenders from time to time party thereto and UBS AG, StamfordBranch (the "Existing Agent") as administrative agent and collateral agent (asamended prior to March 23, 2021, the "Existing Credit Agreement" and, as soamended and restated pursuant to the Fifth Amendment, the "Second Amended andRestated Credit Agreement") in order to, among other things, (i) incur $325million of term loans (the "New Term Loans"), (ii) replace the Existing Agent asadministrative and collateral agent with the New Agent and (iii) make such otherchanges in the Second Amended and Restated Credit Agreement as agreed among theBorrowers and the lenders. Proceeds of the New Term Loans were used to, amongother things, (i) repay in full the Tranche E Term Loans outstanding under theExisting Credit Agreement immediately prior to effectiveness of the FifthAmendment (the "Existing Term Loans"), (ii) to pay fees and expenses related tothe Fifth Amendment and the Second Amended and Restated Credit Agreement and(iii) for working capital and other general corporate purposes.
The New Term Loans bear interest, at Holding's option, at either (i) an adjustedLIBOR rate plus an applicable margin equal to 2.00% (with a LIBOR floor of0.50%) or (ii) an alternative base rate plus an applicable margin equal to1.00%. Voluntary prepayments of the New Term Loans are permitted at any time, inminimum principal amounts, without premium or penalty, subject to a 1.00%premium payable in connection with certain repricing transactions within thefirst twelve months after the date of the initial funding of the New Term Loans.The New Term Loans will mature on March 23, 2028.
The foregoing summary is qualified in its entirety by reference to the text ofthe Fifth Amendment and the Second Amended and Restated Credit Agreement, whichare filed as Exhibit 10.1 hereto and are incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant
The information contained in Item 1.01 concerning the Company's direct financialobligations under the Second Amended and Restated Credit Agreement is herebyincorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description10.1 Fifth Amendment to Amended and Restated Credit Agreement, datedas of March 23, 2021, by and among SiteOne Landscape SupplyHolding, LLC, SiteOne Landscape Supply, LLC, JPMorgan Chase Bank,N.A., as administrative agent and collateral agent, and theseveral banks and other financial institutions party thereto.104 Cover Page Interactive Data File (embedded within the Inline XBRLdocument)
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SITEONE LANDSCAPE SUPPLY, INC. : Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation or an Obligation under an...
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