MATCH GROUP, INC. (NASDAQ:MTCH) Files An 8-K Entry into a Material Definitive AgreementItem 1.01.
Entry into a Material Definitive Agreement.
On August 14, 2017, Match Group, Inc. (the “Company”) entered into the Incremental Assumption Agreement and Amendment No.4 (the “Fourth Amendment”) to that certain credit agreement, dated as of October 7, 2015, as amended and restated as of November 16, 2015, as further amended as of December 16, 2015, as further amended as of December 8, 2016, with JPMorgan Chase Bank, N.A., as administrative agent, and certain lenders party thereto (the “Existing Credit Agreement” and, as amended by the Fourth Amendment, the “Amended Credit Agreement”).
In connection with the Fourth Amendment, the Company prepaid its existing term loans in full and borrowed incremental term loans in an aggregate principal amount of $425.0 million. As of the date of this report, $425.0 million aggregate principal amount is outstanding under the term loan facility and $25 million is outstanding under the revolving facility, each under the Amended Credit Agreement.
The Fourth Amendment reduced the applicable interest rate margin by 0.75% per annum and reduced the LIBOR floor by 0.75% per annum so that amounts outstanding under the Company's term loan facility bear interest, at the Company's option, at (i) LIBOR plus 2.50% per annum with a LIBOR floor of 0.00% per annum or (ii) a base rate plus 1.50% per annum. No regular amortization is required with respect to amounts outstanding under the term loan facility.
The restrictive covenants, maturity date and events of default in the Amended Credit Agreement are unchanged from the provisions in the Existing Credit Agreement, except that the parties modified the restrictive covenant relating to activities of the Company.
The foregoing description of the Fourth Amendment is not intended to be complete and is qualified in its entirety by reference to the Fourth Amendment, a copy of which is attached hereto as Exhibit10.1, and incorporated herein by reference.
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Item 2.03. |
Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth under Item 1.01 above is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
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Exhibit Number |
Description |
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10.1 |
Amendment No. 4 dated as of August 14, 2017 to the Credit Agreement dated as of October 7, 2015, as amended and restated as of November 16, 2015, as further amended as of December 16, 2015, as further amended as of December 8, 2016, among Match Group, Inc., as borrower, the Lenders party thereto, JPMorgan Chase Bank, N.A., as administrative agent and the other parties thereto. |
Match Group, Inc. ExhibitEX-10.1 2 mtch8-k20170817ex101.htm AMENDMENT NO. 4 TO THE CREDIT AGREEMENT Exhibit Exhibit 10.1INCREMENTAL ASSUMPTION AGREEMENT AND AMENDMENT NO. 4,…To view the full exhibit click here
About MATCH GROUP, INC. (NASDAQ:MTCH)
Match Group, Inc. is a provider of dating products. The Company operates in two segments: Dating and Non-dating. Its Dating segment provides dating products and the Company’s Non-dating segment provides various education services, including test preparation, academic tutoring and college counseling services. It operates The Princeton Review, which provides various educational test preparation, academic tutoring and college counseling services. The Princeton Review includes Tutor.com and The Princeton Review. The Company operates a portfolio of over 45 brands, including Match, OkCupid, PlentyOfFish, Tinder, Meetic, Twoo, OurTime, BlackPeopleMeet and FriendScout24, each designed to manage its users’ likelihood of finding a romantic connection. Through its portfolio of brands, it provides tailored products to meet the varying preferences of its users. It offers its dating products in approximately 38 languages across over 190 countries.