SENSATA TECHNOLOGIES HOLDING N.V. (NYSE:ST) Files An 8-K Entry into a Material Definitive Agreement

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SENSATA TECHNOLOGIES HOLDING N.V. (NYSE:ST) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01

Entry Into a Material Definitive Agreement

On November 7, 2017, certain indirect, wholly-owned subsidiaries of Sensata Technologies Holding N.V., including Sensata Technologies B.V. (“STBV”), Sensata Technologies Finance Company, LLC (collectively with STBV, the “Borrowers”), and Sensata Technologies Intermediate Holding B.V. (“STIH”), entered into an amendment (the “Eighth Amendment”) to the credit agreement, dated as of May 12, 2011 (as amended, amended and restated, supplemented, waived, or otherwise modified prior to the Eighth Amendment, the “Credit Agreement,” and as further amended to the Eighth Amendment, the “Amended Credit Agreement”), among the Borrowers, STIH, the lenders party thereto, Morgan Stanley Senior Funding, Inc., as administrative agent, and certain other parties. The Credit Agreement provides the Borrowers with an existing term loan and an existing revolving credit facility. Unless defined herein, capitalized terms have the same meanings as defined in the Amended Credit Agreement.

to the Eighth Amendment, (i) the applicable interest rate margins for the term loan were reduced to 0.75% for Base Rate loans and 1.75% for Eurodollar Rate loans, the Base Rate floor for term the term loan was reduced to 1.00%, and the Eurodollar Rate floor for the term loan was reduced to 0.00%; (ii) a prepayment premium of 1.00% was added with respect to any repricing event that occurs with respect the term loan prior to the date that is six months after the effective date of the Eighth Amendment; (iii) the senior secured net leverage ratio threshold that triggers the excess cash flow mandatory prepayment requirement was increased; (iv) the Borrowers’ capacity to incur additional terms loans or to increase the revolving credit facility was re-set as of the effective date of the Eighth Amendment; (v) various baskets, permissions and other provisions under certain of the affirmative and negative covenants were increased or otherwise amended for the benefit of the Borrowers and their subsidiaries and affiliates; and (vi) certain other changes were made to the Credit Agreement that are not considered material.

A copy of the Eighth Amendment is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated by reference herein. The descriptions of the material terms of the Eighth Amendment are qualified in their entirety by reference to such exhibit.

Item 1.01

Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.

Description

10.1

Amendment No. 8 to Credit Agreement, dated as of November 7, 2017, to the Credit Agreement, dated as of May 12, 2011, by and among Sensata Technologies B.V., Sensata Technologies Finance Company, LLC, Sensata Technologies Intermediate Holding B.V., the subsidiary guarantors party thereto, Morgan Stanley Senior Funding, Inc. and the other lenders party thereto.


Sensata Technologies Holding N.V. Exhibit
EX-10.1 2 ex10-1sensataamendmentno8t.htm EX 10.1- AMENDMENT NO. 8 TO CREDIT AGREEMENT Exhibit Exhibit 10.1EXECUTION VERSIONAMENDMENT NO. 8 TO CREDIT AGREEMENTAMENDMENT NO. 8 TO CREDIT AGREEMENT,…
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About SENSATA TECHNOLOGIES HOLDING N.V. (NYSE:ST)

Sensata Technologies Holding N.V. is a global industrial technology company. The Company is engaged in the development, manufacture and sale of sensors and controls. The Company operates through two segments: Performance Sensing and Sensing Solutions. The Company produces a range of sensors and controls for applications, such as thermal circuit breakers in aircraft, pressure sensors in automotive systems, and bimetal current and temperature control devices in electric motors. The Company’s sensors are devices that translate a physical phenomenon, such as pressure or position, into electronic signals that microprocessors or computer-based control systems can act upon. The Company’s controls are devices embedded within systems to protect them from excessive heat or current. The Company’s primary products include low, medium and high-pressure sensors, temperature sensors, speed sensors, position sensors, motor protectors, and thermal and magnetic-hydraulic circuit breakers and switches.

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