MANNING& NAPIER, INC. (NASDAQ:EXBAX) Files An 8-K Termination of a Material Definitive AgreementItem 1.02. Termination of a Material Definitive Agreement.
On January 4, 2017, Manning & Napier, Inc. (the “Company”), Manning & Napier Group, LLC (“Group”) and Manning & Napier Advisors, LLC (“Advisors”; and together with Group, the “Borrowers”) terminated, effective January 12, 2017, the revolving credit agreement (the “Credit Agreement”) with Wells Fargo Bank, National Association, as administrative agent, lender, swingline lender and issuing lender (the “Agent”), Manufacturers and Traders Trust Company, as syndication agent and lender, and First Niagara Bank, The Bank of New York Mellon, and The Huntington National Bank, as lenders, dated April 23, 2015, as amended. Under the Credit Agreement, the Borrowers could borrow up to $100 million on an unsecured revolving basis. The Credit Agreement also provided for a $5 million sub-limit for the issuance of standby letters of credit and a $5 million swingline facility.
Payment of the Loans under the Credit Agreement, as well as certain other obligations, were guaranteed by the Company and by certain of Group’s direct and indirect subsidiaries, jointly and severally, to a Guaranty, also dated April 23, 2015 (the “Guaranty”), which will also terminate.
No amounts had been borrowed and thus none were outstanding under the Credit Agreement. In addition, the Company did not incur any early termination penalties in connection with the termination of the Credit Agreement. The Company’s decision to terminate the facility was based on an evaluation of factors including the cost of the facility, the anticipated need to finance capital or other projects, and the Company’s capital resources.
