MPM HOLDINGS INC. (OTCMKTS:MPMQ) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On March2, 2018, Momentive Performance Materials Inc., a wholly owned subsidiary of MPM Holdings Inc. (the “Company”), Momentive Performance Materials Holdings Inc., the parent of the Company, and certain subsidiaries of the Company entered into an amendment agreement (the “Amendment”) with certain lenders and JPMorgan Chase, N.A., as administrative agent and collateral agent, to the Company’s senior secured asset-based revolving credit facility (“ABL Facility”) to extend the maturity of the ABL Facility and increase the commitments under the ABL Facility by $30million for a total of $300million. The maturity of the ABL Facility has been extended from October 2019 to March2, 2023; provided that (x)if, on July25, 2021, the date that is 91 days prior to the maturity date (the “First Lien Notes Maturity Test Date”) of the Company’s 3.88% First-Priority Senior Secured Notes due 2021 (the “First Lien Notes”), the aggregate principal amount of the First Lien Notes outstanding exceeds $50million, the extended maturity date for such commitments will be the First Lien Notes Maturity Test Date and (y)if, on January23, 2022, the date that is 91 days prior to the maturity date (the “Second Lien Notes Maturity Test Date”) of the Company’s 4.69% Second-Priority Senior Secured Notes due 2022 (the “Second Lien Notes”), the aggregate principal amount of the Second Lien Notes outstanding exceeds $50million, the extended maturity date for such commitments will be the Second Lien Notes Maturity Test Date. The availability for the borrowers under the ABL Facility will continue to be limited to the borrowing base of the existing borrowers and guarantors under the ABL Facility.
The foregoing summary of the Amendment is not complete and is qualified in its entirety by reference to such agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
| Item 1.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
| Exhibit10.1 | Amendment Agreement, dated as of March 2, 2018, among MPM Intermediate Holdings, Inc., Momentive Performance Materials Inc., Momentive Performance Materials USA Inc., Momentive Performance Materials GmbH, Momentive Performance Materials Quartz GmbH, Momentive Performance Materials Nova Scotia ULC, each subsidiary loan party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent. |
Momentive Performance Materials Inc. ExhibitEX-10.1 2 d439911dex101.htm EX-10.1 EX-10.1 Exhibit 10.1 EXECUTION VERSION AMENDMENT AGREEMENT (this Agreement) dated as of March 2,…To view the full exhibit click here
About MPM HOLDINGS INC. (OTCMKTS:MPMQ)
MPM Holdings Inc. (Momentive) is a holding company. The Company, and its subsidiary, Momentive Performance Materials Inc. (MPM), together with their subsidiaries, are producers of silicones, silicone derivatives and organofunctional silanes, and are engaged in the development and manufacture of products derived from quartz and specialty ceramics. It operates through two segments: Silicones and Quartz. Its subsidiary, MPM Intermediate Holdings Inc. (Intermediate Holdings), is a holding company for its subsidiary, MPM, and its subsidiaries. Its products are used in various applications and are sold into diverse markets, such as industrial, building and construction, transportation, agriculture, electronics, healthcare, personal care, semiconductor and fiber optics. The Company has approximately 24 production sites located around the world. Through this network of production facilities, the Company serves customers between its Silicones and Quartz businesses in over 100 countries.