EATON VANCE CORP. (NYSE:EV) Files An 8-K Entry into a Material Definitive Agreement

EATON VANCE CORP. (NYSE:EV) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01

Entry into a Material Definitive Agreement.
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On December 11, 2018, Eaton Vance Corp. (the “Company”) executed a credit agreement (the “Agreement”) for a revolving credit facility (the “2018 Facility”) with Wells Fargo Bank, National Association (“Wells Fargo Bank”), as administrative agent, the Company’s wholly owned subsidiary, Eaton Vance Management (“EVM”), as guarantor, and Additional Borrowers and Lenders from time to time as defined in the Agreement. The Agreement, which expires on December 11, 2023, provides for a five-year $300 million unsecured revolving credit facility with a $35 million sublimit for swingline loans. Subject to the terms of the Agreement, the 2018 Facility may be increased up to $400 million based on commitments from new Lenders or increases in commitments by existing Lenders subject to the consent of the Company and Wells Fargo Bank. Proceeds from the 2018 Facility may be used for, but not limited to, working capital and other general corporate purposes of the Company and its subsidiaries. The Agreement contains financial covenants with respect to leverage and interest coverage and requires the Company to pay an annual commitment fee on the 2018 Facility.

The 2018 Facility replaced, as of December 11, 2018, a revolving credit facility entered into between the Company, Wells Fargo Bank, EVM, and several lending banks to an agreement dated October 21, 2014 (the “2014 Facility”) that allowed the Company to borrow up to $300 million under similar terms and conditions.

The foregoing description of the Agreement is qualified in its entirety by reference to the full text of the Agreement, which is filed as Exhibit 10.1 hereto.

Item 1.01 Termination of a Material Definitive Agreement.

As described above, this 2018 Facility replaced the 2014 Facility. There were no outstanding borrowings under the 2014 Facility upon termination. See Item 1.01 above, the contents of which are incorporated by reference herein.

Item 1.01 Creation of a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

See Item 1.01 above, the contents of which are incorporated by reference herein.

Item 1.01 Financial Statements and Exhibits

Exhibit No.Document

10.1 Credit Agreement by and among Eaton Vance Corp., Wells Fargo Bank, National Association, Eaton Vance Management, and the lenders thereto, dated December 11, 2018

EX-10.1 2 exhbitnew.htm CREDIT AGREEMENT CREDIT AGREEMENT dated as of December 11,…
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Eaton Vance Corp. is engaged in business of managing investment funds and providing investment management and advisory services to individuals and institutions. The Company seeks to develop and sustain management expertise across a range of investment disciplines, and offer investment products and services through various distribution channels. It operates through investment adviser to funds and separate accounts segment. The Company, through its subsidiaries, Eaton Vance Management and Atlanta Capital Management, LLC, and other affiliates, manages active equity, income and alternative strategies across a range of investment styles and asset classes, including the United States and global equities, floating-rate bank loans, municipal bonds, high-yield and investment grade bonds. Through its subsidiary, Parametric Portfolio Associates LLC, it manages a range of engineered alpha strategies, including systematic equity, systematic alternatives and managed options strategies.

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