SiteOne Landscape Supply, Inc. (NYSE:SITE) Files An 8-K Entry into a Material Definitive AgreementItem 1.01. Entry into a Material Definitive Agreement.
SiteOne Landscape Supply, Inc. (the “Company”) announced that certain of its subsidiaries have entered into (i)the Fourth Amendment to Amended and Restated Credit Agreement, dated as of August 14, 2018 (the “Fourth Amendment”), by and among SiteOne Landscape Supply Holding, LLC (“Holding”) and SiteOne Landscape Supply, LLC, as borrowers (collectively, the “Borrowers”), UBS AG, Stamford Branch, as administrative agent and collateral agent, the several banks and other financial institutions party thereto and certain other parties party thereto from time to time and (ii)the Increase Supplement, dated as of August 14, 2018 (together with the Fourth Amendment, the “Term Loan Facility Amendments”), by and among Holding and UBS AG, Stamford Branch, each of which amend the Amended and Restated Credit Agreement, dated as of April29, 2016 (as amended prior to the Term Loan Facility Amendments, the “Term Loan Facility”), by and among the Borrowers, UBS AG, Stamford Branch, as administrative agent and collateral agent, the several banks and other financial institutions party thereto and certain other parties party thereto from time to time, in order to, among other things, (i)add an additional credit facility under the Term Loan Facility consisting of additional term loans (the “Tranche E Term Loans”) in an aggregate principal amount of $347,371,288.85 and (ii)increase the aggregate principal amount of Tranche E Term Loans under the Term Loan Facility to $447,371,288.85. Proceeds of the Tranche E Term Loans were used to, among other things, (i)repay in full the term loans outstanding under the Term Loan Facility immediately prior to effectiveness of the Term Loan Facility Amendments (the “Existing Term Loans”) and (ii)repay approximately $96.8 million of borrowings outstanding under the Senior ABL Facility (as defined in the Term Loan Facility).
The Tranche E Term Loans bear interest, at Holding’s option, at either (i)an adjusted LIBOR rate plus an applicable margin equal to 2.75% or (ii)an alternative base rate plus an applicable margin equal to 1.75%, which are the same interest rates that were applicable to the Existing Term Loans. Voluntary prepayments of the Tranche E Term Loans are permitted at any time, in minimum principal amounts, without premium or penalty, subject to a 1.00% premium payable in connection with certain repricing transactions within the first six months after the date of the initial funding of the Tranche E Term Loans. The Tranche E Term Loans will mature on October29, 2024. The other terms of the Tranche E Term Loans are generally the same as the terms applicable to the Existing Term Loans, provided that certain terms of the Term Loan Facility were modified by the Fourth Amendment.
Item 1.01. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
The information contained in Item 1.01 concerning the Company’s direct financial obligations under the Term Loan Facility Amendments is hereby incorporated herein by reference.
Item 1.01 Financial Statements and Exhibits.
(d)Exhibits
| Exhibit No. |
Description |
| 10.1 | Fourth Amendment to Amended and Restated Credit Agreement, dated as of August 14, 2018, by and among SiteOne Landscape Supply Holding, LLC (f/k/a JDA Holding LLC), SiteOne Landscape Supply, LLC (f/k/a John Deere Landscapes LLC), UBS AG, Stamford Branch, as administrative agent and collateral agent, and the several banks and other financial institutions party thereto. |
| 10.2 | Increase Supplement, dated as of August 14, 2018, by and among SiteOne Landscape Supply Holding, LLC (f/k/a JDA Holding LLC) and UBS AG, Stamford Branch, as increasing lender. |
SiteOne Landscape Supply, Inc. ExhibitEX-10.1 2 tv500996_ex10-1.htm EXHIBIT 10.1 Exhibit 10.1 Execution Version FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT,…To view the full exhibit click here
About SiteOne Landscape Supply, Inc. (NYSE:SITE)
SiteOne Landscape Supply, Inc. is a national wholesale distributor of landscape supplies in the United States and Canada. The Company is a supplier of irrigation, landscape lighting, hardscapes, lawn care supplies, nursery stock, and landscape accessories to green industry professionals. As of October 2, 2016, the Company had over 450 stores. The Company offers a selection of fertilizer and control products, such as herbicides, irrigation supplies, landscape accessories, nursery goods, hardscapes, including pavers, natural stones and blocks, and outdoor lighting products. The Company’s customers are primarily residential and commercial landscape professionals specializing in the designing, installation and maintenance of lawns, gardens, golf courses and other outdoor spaces. The Company offers various products, such as spreader settings, LESCO equipment specification sheets, golf course supplies, seed: golf and greentech specification binder.
