ALLISON TRANSMISSION HOLDINGS, INC. (NYSE:ALSN) Files An 8-K Entry into a Material Definitive Agreement
Item1.01. Entry into a Material Definitive Agreement.
On March24, 2017, Allison Transmission Holdings, Inc. (the
Company) and Allison Transmission, Inc. (the Borrower), a wholly
owned subsidiary of the Company, the several lenders party
thereto, Citicorp North America, Inc., as Administrative Agent
(the Administrative Agent), and the other agents and arrangers
party thereto entered into Amendment No.1 (the Amendment) to the
Amended and Restated Credit Agreement, dated as of September23,
2016.
The Amendment refinanced approximately $1,188million of term loan
debt due September23, 2022 and lowered the applicable margin on
such refinanced loans by 0.50% resulting in an interest rate
margin that is, at the Borrowers option, either (a)2.00% above
the London interbank offered rate or (b)1.00% above the greater
of (x)the prime lending rate as quoted by the Administrative
Agent for such day or (y)the federal funds effective rate
published by the Federal Reserve Bank of New York plus 0.50%. The
Amendment also reduced the 0.75% LIBOR floor to 0.00% and the
1.75% floor applicable to base rate loans to 1.00%. The Amendment
also revised the definition of Term Loan Repricing Transaction to
apply to any repricings of the term loans that occur within six
months of the date of the Amendment.
This summary of the Amendment does not purport to be complete and
is subject to, and qualified in its entirety by, the full text of
the Amendment filed as Exhibit10.1 to this Current Report on
Form8-K and incorporated herein by reference.
Item2.03. Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement.
The information set forth under Item1.01 above is incorporated
herein by reference.
Item9.01. Financial Statements and Exhibits.
(d)Exhibits
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Exhibit No. |
Description |
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| 10.1 |
Amendment No.1, dated March24, 2017, to the Amended and Restated Credit Agreement, dated as of September23, 2016, among Allison Transmission Holdings, Inc., Allison Transmission, Inc., as Borrower, the several banks and other financial institutions or entities from time to time parties thereto as lenders, Citicorp North America, Inc., as Administrative Agent and the other agents and arrangers party thereto. |
About ALLISON TRANSMISSION HOLDINGS, INC. (NYSE:ALSN)
Allison Transmission Holdings, Inc. and its subsidiaries design and manufacture commercial and defense fully-automatic transmissions. The Company manufactures fully-automatic transmissions for medium- and heavy-duty commercial vehicles and medium-and heavy-tactical the United States defense vehicles. The Company operates through manufacture and distribution of fully-automatic transmissions segment. The Company’s transmissions are used in a range of applications, including on-highway trucks (distribution, refuse, construction, fire and emergency), buses (primarily school, transit and hybrid-transit), motorhomes, off-highway vehicles and equipment (energy, mining and construction) and defense vehicles (wheeled and tracked). The Company’s transmissions are sold under the Allison Transmission brand name and remanufactured transmissions are sold under the ReTran brand name. The Company has developed over 100 different models that are used in over 2,500 different vehicle configurations. ALLISON TRANSMISSION HOLDINGS, INC. (NYSE:ALSN) Recent Trading Information
ALLISON TRANSMISSION HOLDINGS, INC. (NYSE:ALSN) closed its last trading session down -0.12 at 35.26 with 717,592 shares trading hands.