AXALTA COATING SYSTEMS LTD. (NYSE:AXTA) Files An 8-K Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a RegistrantItem 2.03.
On June 16, 2017, Axalta Coating Systems Ltd. (the “Company”) announced that its indirect, wholly owned subsidiaries, Axalta Coating Systems Dutch Holding B B.V. (the “Dutch Borrower”) and Axalta Coating Systems U.S. Holdings, Inc. (the “U.S. Borrower” and, together with the Dutch Borrower, the “Borrowers”) incurred additional term loans in an amount equal to $1,550 million in order to refinance the Borrowers’ approximately $1,541 million of existing U.S. dollar term loans.
The additional term loans were incurred to the terms of Amendment No. 5 (“Amendment No. 5”) to the Credit Agreement, dated as of February 1, 2013 (the “Credit Agreement”), which was entered into on June 1, 2017. The interest rate applicable to the new term loans is, at the Borrowers’ option, the Adjusted Eurocurrency Rate (as such term is defined in the Credit Agreement) plus 2.00% or the Base Rate (as such term is defined in the Credit Agreement) plus 1.00%. The new term loans mature in June 2024.
This summary of Amendment No. 5 does not purport to be complete and is subject to, and qualified in its entirety by, the full text of Amendment No. 5 filed as Exhibit 10.1 to the Current Report on Form 8-K filed by the Company on June 1, 2017 and incorporated herein by reference.
About AXALTA COATING SYSTEMS LTD. (NYSE:AXTA)
Axalta Coating Systems Ltd. is a holding company. The Company is a manufacturer, marketer and distributor of coatings systems primarily serving the transportation industry. Its segments include Performance Coatings and Transportation Coatings. The Company, through its Performance Coatings segment, provides liquid and powder coatings solutions to a fragmented and local customer base. The Company, through its Transportation Coatings segment, provides coating technologies to original equipment manufacturers (OEMs) of light and commercial vehicles. It develops, manufactures and supplies liquid and powder coatings for a number of applications in the industrial end market. It develops, markets and supplies a portfolio of coatings systems and color matching technologies. It offers waterborne and solventborne products and systems used by the global automotive repair industry to refinish damaged vehicles. Its brands include Voltatex, Alesta, Nap-Gard, Abcite and Imron.
