John Bean Technologies Corporation (NYSE:JBT) Files An 8-K Entry into a Material Definitive Agreement

John Bean Technologies Corporation (NYSE:JBT) Files An 8-K Entry into a Material Definitive Agreement

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Item 1.01 Entry into a Material Definitive Agreement.

On May 9, 2017, John Bean Technologies Corporation (the Company)
and John Bean Technologies B.V. as borrowers, the subsidiary
guarantors signatory thereto, Wells Fargo Bank, National
Association, as administrative agent for the lenders, and the
other lenders signatory thereto entered into a fourth amendment
(the Fourth Amendment) to the Credit Agreement dated as of
February 10, 2015 (the Credit Agreement).
The Credit Agreement allows the Company to temporarily increase
the maximum allowable leverage ratio under the Credit Agreement
from 3.5x to 4.0x following the completion of of a permitted
acquisition having aggregate consideration in excess of $100
million, for each the four consecutive quarterly measurement
periods ending immediately following the consummation of the
permitted acquisition (the leverage ratio increase option). The
Fourth Amendment amends the leverage ratio increase option (i) to
expand the qualifying event, which was previously a single
permitted acquisition having consideration in excess of $100
million, to include a series of permitted acquisitions occurring
within any consecutive twelve (12) month period following the
first such permitted acquisition having aggregate consideration
in excess of $100 million, (ii) to permit the Company to revoke a
leverage ratio increase option at any time the leverage ratio
increase option is in effect, and (iii) to permit the Company to
thereafter exercise a subsequent leverage ratio increase option
after the Company has been in compliance with the 3.50x leverage
ratio for the number of quarterly measurement periods equal to
the number of quarterly measurement periods that the immediately
preceding leverage ratio increase option was in effect.
In February 2017, the Company exercised the leverage ratio
increase option, which would have been in effect for the
quarterly measurement periods through and including the quarter
ending September 30, 2017 (the February 2017 Exercise). The
Fourth Amendment provides, however, that the February 2017
Exercise shall be revoked, and the waiting period for subsequent
leverage ratio increase options that would otherwise apply
following the exercise of a leverage ratio increase option will
not apply to the February 2017 Exercise. As a result, the
Companys maximum leverage ratio for the quarters ending June 30,
2017 and September 30, 2017 will be 3.5x, unless the Company
elects to exercise the leverage ratio increase option for those
quarters.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No.
Description
10.1
Fourth Amendment to Credit Agreement, dated as of May
9, 2017, by and among John Bean Technologies
Corporation and John Bean Technologies B.V., as
borrowers, the subsidiary guarantors signatory thereto,
Wells Fargo Bank, National Association, as
administrative agent, and the other lenders signatory
thereto.


About John Bean Technologies Corporation (NYSE:JBT)

John Bean Technologies Corporation (JBT) is a technology solutions provider to the segments of the food processing and air transportation industries. The Company designs, manufactures, tests and services technological systems and products. It operates through two segments. The JBT FoodTech segment designs, manufactures services and food processing systems used for fruit juice production, frozen food production, in-container food production and convenience food preparation, among others by the food industry. The product offerings of its FoodTech businesses include Protein, Liquid Foods and Automated Systems. The JBT AeroTech segment designs, manufactures and services airport ground support and gate equipment and provides services for airport authorities; airlines, airfreight and ground handling companies; the defense contractors, and other industries. The product offerings of its AeroTech businesses include Mobile Equipment, Fixed Equipment and Airport Services.

John Bean Technologies Corporation (NYSE:JBT) Recent Trading Information

John Bean Technologies Corporation (NYSE:JBT) closed its last trading session down -0.95 at 87.70 with 162,487 shares trading hands.

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