SiteOne Landscape Supply, Inc. (NYSE:SITE) Files An 8-K Entry into a Material Definitive Agreement
Item1.01.
| Entry into a Material Definitive Agreement. |
SiteOne Landscape Supply, Inc. (the Company) announced today that
certain of its subsidiaries have entered into (i)the First
Amendment to Amended and Restated Credit Agreement, dated as of
November23, 2016 (the First 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 November23, 2016
(together with the First 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 (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 B Term Loans) in
an aggregate principal amount of $273,625,000 and (ii)increase
the aggregate principal amount of Tranche B Term Loans under the
Term Loan Facility to $298,625,000. Proceeds of the Tranche B
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 $21,000,000 of borrowings
outstanding under the Senior ABL Facility (as defined in the Term
Loan Facility).
The Existing Term Loans bore interest, at Holdings option, at
either (i)an adjusted LIBOR rate plus an applicable margin equal
to 5.25% or (ii)an alternative base rate plus an applicable
margin equal to 4.25%. The Tranche B Term Loans bear interest, at
Holdings option, at either (i)an adjusted LIBOR rate plus an
applicable margin equal to 4.50% or (ii)an alternative base rate
plus an applicable margin equal to 3.50%. Voluntary prepayments
of the Tranche B 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 B Term Loans. Like the Existing Term Loans, the
Tranche B Term Loans will mature on April29, 2022. The other
terms of the Tranche B Term Loans are generally the same as the
terms applicable to the Existing Term Loans.
Item2.03. Creation of a Direct Financial Obligation or an
Obligation under an Off-Balance Sheet Arrangement of a
Registrant
The information contained in Item1.01 concerning the Companys
direct financial obligations under the Term Loan Facility
Amendments is hereby incorporated herein by reference.
| Item9.01 | Financial Statements and Exhibits. |
(d) Exhibits
|
Exhibit No. |
Description |
|
| 10.1 |
First Amendment to Amended and Restated Credit Agreement, dated as of November 23, 2016, 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 November 23, 2016, by and among SiteOne Landscape Supply Holding, LLC (f/k/a JDA Holding LLC) and UBS AG, Stamford Branch, as increasing lender. |
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. SiteOne Landscape Supply, Inc. (NYSE:SITE) Recent Trading Information
SiteOne Landscape Supply, Inc. (NYSE:SITE) closed its last trading session down -0.23 at 35.75 with 399,634 shares trading hands.
