LENNOX INTERNATIONAL INC. (NYSE:LII) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
Entry into a Material Definitive Agreement.
As of January 22, 2019, Lennox International Inc. (the “Company”) entered into the Third Amendment (Incremental Amendment) to the Sixth Amended and Restated Credit Facility Agreement (the “Third Amendment”) with JPMorgan Chase Bank, N.A., as administrative agent, and the other lenders party thereto, which further amends the Company’s Sixth Amended and Restated Credit Facility Agreement, dated August 30, 2016 (as amended, amended and restated, modified or supplemented from time to time through the date hereof, the “Credit Agreement.”)
The Amendment provided for $350 million in additional commitments available to be drawn under the unsecured revolving credit facility (the “Incremental Increase”). The unsecured revolving facility after the Incremental Increase has a total availability of $1.0 billion and continues to include a subfacility for swingline loans of up to $65 million and continues to provide for the issuance of letters of credit up to $100.0 million.
The loans under the Credit Agreement are either ABR (Alternative Base Rate) Loans or Eurodollar Loans. ABR Loans bear interest at the Alternate Base Rate plus the Applicable Rate. Eurodollar Loans bear interest at the Adjusted LIBO Rate (as defined below) for the applicable interest period plus the Applicable Rate. Except for the addition of a 1.0% floor applicable to ABR Loans and a 0.0% floor applicable to Eurodollar Loans, the Applicable Rates under the Credit Agreement remain unchanged.
The aggregate principal amount of the term loan facility under the Credit Agreement remain unchanged. The maturity dates of both the term and revolving facilities under the Credit Agreement remain August 30, 2021.
A copy of the Third Amendment is filed as Exhibit10.1 hereto. The foregoing description of the terms of the Credit Agreement as amended by the Third Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Third Amendment, which is incorporated by reference herein.
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Item 1.01 |
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth above under Item 1.01 is incorporated herein by reference.
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Item 1.01 |
Financial Statements and Exhibits. |
LENNOX INTERNATIONAL INC Exhibit
EX-10.1 2 exhibit10120188k.htm EXHIBIT 10.1 Exhibit Exhibit 10.1EXECUTION VERSIONTHIRD AMENDMENT (INCREMENTAL AMENDMENT) TO SIXTH AMENDED AND RESTATED CREDIT FACILITY AGREEMENT THIS THIRD AMENDMENT (INCREMENTAL AMENDMENT) TO SIXTH AMENDED AND RESTATED CREDIT FACILITY AGREEMENT (the “Amendment”),…
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About LENNOX INTERNATIONAL INC. (NYSE:LII)
Lennox International Inc. (LII) is a global provider of climate control solutions. The Company designs, manufactures and markets a range of products for the heating, ventilation, air conditioning and refrigeration (HVACR) markets. The Company operates in three segments: Residential Heating & Cooling; Commercial Heating & Cooling, and Refrigeration. The Residential Heating & Cooling segment manufactures and markets a range of furnaces, air conditioners, heat pumps, packaged heating and cooling systems, equipment and accessories. The Commercial Heating & Cooling segment manufactures and sells unitary heating and cooling equipment used in light commercial applications. The Refrigeration segment manufactures and markets equipment for the global commercial refrigeration markets under the Heatcraft Worldwide Refrigeration name. The Company sells its products and services through a combination of direct sales, distributors and company-owned parts and supplies stores.
