First Busey Corporation (NASDAQ:BUSE) Files An 8-K Entry into a Material Definitive Agreement

First Busey Corporation (NASDAQ:BUSE) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01

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Entry into a Material Definitive Agreement.

On January 29, 2019, First Busey Corporation (the “Company”) entered into an Amended and Restated Credit Agreement with U.S. Bank National Association. (“U.S. Bank”) dated as of January 29, 2019 (the“Restated Credit Agreement”), amending and restating the Credit Agreement, dated as of November 20, 2015. to the Restated Credit Agreement, U.S. Bank will make available to the Company (i) a $20.0 million revolving line of credit with a termination date of April 30, 2019, at which time and subject to the satisfaction of certain conditions, the outstanding revolving loan may be converted into a term loan with a maturity date of April 30, 2021, and (ii) a $60.0 million term loan (the “Term Loan”) with a maturity date of November 30, 2023. The loans have an annual interest rate of 1.50% plus the one-month LIBOR rate. The proceeds of the Term Loan will be used to fund the cash portion related to the acquisition of The Banc Ed Corp. and general corporate purposes.

The Restated Credit Agreement contains customary representations, warranties, covenants and events of default, including without limitation, financial covenants that the Company, or Busey Bank, as applicable, must maintain. The foregoing summary of the Restated Credit Agreement is only a brief description of the terms and conditions, and does not purport to be a complete description of the rights and obligations of the parties thereunder, and is qualified in its entirety by the complete terms of the Restated Credit Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 2.03

Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information provided in Item 1.01 is incorporated by reference herein.

Item 9.01Financial Statements and Exhibits.

(d)Exhibits.

FIRST BUSEY CORP /NV/ Exhibit
EX-10.1 2 exhibit10_1.htm EXHIBIT 10.1 AMENDED AND RESTATED CREDIT AGREEMENT THIS AMENDED AND RESTATED CREDIT AGREEMENT is entered into and effective as of January 29,…
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About First Busey Corporation (NASDAQ:BUSE)

First Busey Corporation (First Busey) is a financial holding company. The Company offers a range of financial services through its banking and non-banking subsidiaries at multiple locations in Illinois, Florida, Indiana and Missouri. First Busey has a bank subsidiary, Busey Bank (the Bank). It operates through three segments: Banking, Remittance Processing and Wealth Management. The Banking operating segment provides a range of banking services to individual and corporate customers through its branch network in downstate Illinois, through its branch in Indianapolis, Indiana, and through its branch network in southwest Florida. The Remittance Processing segment provides for online bill payments, lockbox and walk-in payments. The Wealth Management segment provides a range of asset management, investment and fiduciary services to individuals, businesses and foundations, tax preparation, philanthropic advisory services, and farm and brokerage services.

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