ALLIANCEBERNSTEIN HOLDING L.P. (NYSE:AB) Files An 8-K Entry into a Material Definitive Agreement

ALLIANCEBERNSTEIN HOLDING L.P. (NYSE:AB) Files An 8-K Entry into a Material Definitive Agreement

Story continues below

Item 1.01. Entry into a Material Definitive Agreement.

Item 2.03.
Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant
On December 1, 2016, AllianceBernstein L.P. (AB) entered into an
unsecured 364-day senior revolving credit facility in a principal
amount of up to $200 million with Sanford C. Bernstein Co., LLC
(a wholly-owned subsidiary of AB, SCB and, together with AB, the
Borrowers), as an additional Borrower, the Industrial and
Commercial Bank of China, as Administrative Agent, and the other
lending institutions that may be party thereto (the Credit
Facility).
The Credit Facility will be available for the Borrowers business
purposes, including the provision of additional liquidity to meet
funding requirements primarily related to SCBs operations. Both
AB and SCB can draw directly under the Credit Facility and
management expects to draw on the Credit Facility from time to
time.
The Credit Facility contains affirmative, negative and financial
covenants, which are customary for facilities of this type,
including, among other things, restrictions on dispositions of
assets, restrictions on liens, a minimum interest coverage ratio
and a maximum leverage ratio. The Credit Facility also includes
customary events of default (with customary grace periods, as
applicable), including provisions under which, upon the
occurrence of an event of default, all outstanding loans may be
accelerated and/or the lenders commitments may be terminated.
Also under such provisions, upon the occurrence of certain
insolvency or bankruptcy related events of default, all amounts
payable under the Credit Facility would automatically become
immediately due and payable, and the lenders commitments would
automatically terminate.
The foregoing does not constitute a complete summary of the terms
of the Credit Facility and reference is made to the complete text
of the credit agreement, which is attached hereto as Exhibit
10.01.


About ALLIANCEBERNSTEIN HOLDING L.P. (NYSE:AB)

AllianceBernstein Holding L.P. provides research, investment management and related services to a range of clients through three buy-side distribution channels, institutions, retail and private wealth management, and its sell-side business, Bernstein Research Services. The Company’s principal services include institutional services, retail services, private wealth management services and Bernstein research services. It offers institutional services to institutional clients, including private and public pension plans, foundations and endowments, insurance companies, central banks and governments around the world. It offers retail services that serve retail clients, primarily by means of retail mutual funds. It offers private wealth management services to private clients, including high-net-worth individuals and families, trusts and estates, charitable foundations, partnerships, private and family corporations, and other entities. It is engaged in providing various investment services.

ALLIANCEBERNSTEIN HOLDING L.P. (NYSE:AB) Recent Trading Information

ALLIANCEBERNSTEIN HOLDING L.P. (NYSE:AB) closed its last trading session up +0.10 at 22.90 with 225,435 shares trading hands.

An ad to help with our costs