INTEGER HOLDINGS CORPORATION (NYSE:ITGR) Files An 8-K Entry into a Material Definitive Agreement
Item1.01
Entry into a Material Definitive Agreement. |
On March 17, 2017, Integer Holdings Corporation (the Company)
entered into the Second Amendment (the Second Amendment) to the
Credit Agreement, dated as of October 27, 2015, by and among
Greatbatch Ltd., as borrower, the Company, as parent,
Manufacturers and Traders Trust Company, as administrative agent,
and the Lenders party thereto (the Credit Agreement). The Second
Amendment lowers the interest rate margins applicable to the term
B loans (the Term B Loans) under the Credit Agreement for both
base rate and adjusted LIBOR borrowings. The new interest rate
margins for the Term B Loans are (i) 2.50% per annum for the Term
B Loans based on the base rate, which is 0.75% lower than the
previous interest rate margin applicable to base rate borrowings
and (ii) 3.50% for the Term B Loans based upon adjusted LIBOR,
which is 0.75% lower than the previous interest rate margin
applicable to adjusted LIBOR borrowings.
to the Second Amendment, the quarterly amortization payment
obligation with respect to the Term B Loans has also been
modified such that amortization payments shall be due and payable
in an amount equal to (i) one-quarter of two and a half percent
(0.625%) for each payment due on March 31, 2017, June 30, 2017,
September 30, 2017 and December 31, 2017 and (ii) one-quarter of
one percent (0.250%) on each quarterly payment date that occurs
after December 31, 2017 and continuing through (and including)
the last quarterly payment date prior to the maturity date for
the Term B Loans. The Company has previously prepaid certain of
these amortization payment obligations such that the Companys
only remaining amortization payment obligations that will be due
and payable prior to the maturity date for the Term B Loans are
(i) one-quarter of two and a half percent (0.625%) of the
original principal amount that will be payable on March 31, 2017
and (ii) one-quarter of one and a half percent (0.375%) of the
original principal amount that will be payable on each of June
30, 2017, September 30, 2017 and December 31, 2017.
The Second Amendment also includes an obligation for the Borrower
to pay a prepayment fee to the Term B Loan lenders in the amount
of 1.00% of the aggregate principal amount of the Term B Loans in
the event of another Repricing Event (as defined in the Credit
Agreement) on or before the six-month anniversary of the Second
Amendment.
There is no change to maturities for the Term B Loans or
covenants in the Credit Agreement as a result of the Second
Amendment.
The above description of the Second Amendment is qualified in its
entirety by reference to the complete text of the Second
Amendment, a copy of which is attached hereto as Exhibit 10.1 and
is incorporated by reference herein.
On March 20, 2017, the Company issued a press release announcing
its entry into the Second Amendment.A copy of the press release
is attached hereto as Exhibit99.1 and incorporated by reference
herein.
Item2.03 |
Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth under Item1.01 above regarding the
Second Amendment is incorporated herein by reference.
Item 9.01 | Financial Statements and Exhibits. |
(d)Exhibits
Exhibit
Number |
Description of Exhibit |
|
10.1 |
Second Amendment to Credit Agreement, dated as of March 17, |
|
99.1 |
Press Release, dated March 20, 2017 |
INTEGER HOLDINGS CORPORATION (NYSE:ITGR) Recent Trading Information
INTEGER HOLDINGS CORPORATION (NYSE:ITGR) closed its last trading session down -0.30 at 40.50 with 473,743 shares trading hands.