Affiliated Managers Group, Inc. (NYSE:AMG) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
On January18, 2019, Affiliated Managers Group, Inc. (the “Company”) entered into (i)an Amended and Restated Credit Agreement (the “Revolving Credit Agreement”), providing for a $1.25billion five-year senior unsecured multicurrency revolving credit facility maturing on January18, 2024, with Bank of America, N.A., as administrative agent, letter of credit issuer and swingline lender, and the other lending institutions from time to time party thereto, which amends and restates the Company’s existing revolving credit agreement dated September22, 2015 (the “Existing Revolving Credit Agreement”) and (ii)a Third Amended and Restated Term Credit Agreement (the “Term Credit Agreement” and, together with the Revolving Credit Agreement, the “Credit Agreements”), providing for a $450million four-year senior unsecured term loan credit facility maturing on January18, 2023, with Bank of America, N.A., as administrative agent, and the other lending institutions from time to time party thereto, which amends and restates the Company’s existing term credit agreement dated October15, 2018.Subject to certain conditions, the Company may increase the commitments under the Revolving Credit Agreement by up to $500million and borrow up to an additional $75million under the Term Credit Agreement. The proceeds of the loans under the Revolving Credit Agreement borrowed on the closing date were used to refinance indebtedness under the Existing Revolving Credit Agreement, and future borrowings under the Revolving Credit Agreement may be used for working capital and other general corporate purposes, including investments in new and existing Affiliates, repayments of senior debt, repurchases of the Company’s common stock, and the payment of cash dividends on the Company’s common stock.
Certain of the lenders under the Credit Agreements and their affiliates have provided, and may in the future provide, investment banking, underwriting, trust or other advisory or commercial services to the Company and its subsidiaries and Affiliates.
The Credit Agreements contain financial covenants with respect to leverage and interest coverage, as well as customary affirmative and negative covenants, including limitations on priority indebtedness, asset dispositions and fundamental corporate changes, and certain customary events of default which could result in an acceleration of amounts due.Many of these conditions and restrictions are subject, however, to certain minimum thresholds and exceptions.
This description is a summary and is qualified in its entirety by reference to the full text of the Credit Agreements, which are attached to this Current Report on Form8-K as Exhibit 10.1 and Exhibit 10.2, and are incorporated by reference as though fully set forth herein.
| Item 1.01 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in Item 1.01 is incorporated herein by reference into this Item 1.01.
| Item 1.01 |
Financial Statements and Exhibits. |
| ExhibitNo. |
Description |
| 10.1 | Amended and Restated Credit Agreement, dated as of January 18, 2019, by and among Affiliated Managers Group, Inc., Bank of America, N.A., as administrative agent, letter of credit issuer and swingline lender, and the other lending institutions from time to time party thereto, and the exhibits and schedules thereto. |
| 10.2 | Third Amended and Restated Term Credit Agreement, dated as of January 18, 2019, by and among Affiliated Managers Group, Inc., Bank of America, N.A., as administrative agent, and the other lending institutions from time to time party thereto, and the exhibits and schedules thereto. |
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AFFILIATED MANAGERS GROUP, INC. Exhibit
EX-10.1 2 d888576dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 [EXECUTION COPY] Deal CUSIP No. 00836DAC5 Revolver CUSIP No. 00836DAD3 AMENDED AND RESTATED CREDIT AGREEMENT Dated as of January 18,…
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About Affiliated Managers Group, Inc. (NYSE:AMG)
Affiliated Managers Group, Inc. is an asset management company with equity investments in boutique investment management firms (Affiliates). The Company is focused on investing in the boutique investment management firms globally, including traditional, alternative and wealth management firms, specializing in an array of active return-oriented investment strategies. The Company manages assets in its three distribution channels: Institutional, Mutual Fund and High Net Worth. Through its Affiliates, the Company manages active return-oriented strategies primarily through separate accounts for large institutional investors around the world, including foundations, endowments, sovereign wealth funds and retirement plans for corporations and municipalities. The Company’s aggregate assets under management are $611.3 billion in over 500 investment products across a range of active return-oriented strategies and distribution channels.
