Symantec Corporation (NASDAQ:SYMC) Files An 8-K Entry into a Material Definitive AgreementItem 1.01
On June22, 2018, Symantec Corporation (“Symantec”) entered into a second amendment and limited waiver (the “Second Term Loan Amendment”) to the Term Loan Agreement, dated as of August1, 2016 (as supplemented by the Assignment and Assumption, dated as of October3, 2016, by and between Symantec and Symantec Holdings Limited, a company organized in Ireland (the “Borrower”), and as amended by the First Amendment, dated as of December12, 2016) (as the same may be amended, amended and restated, supplemented or otherwise modified, the “Term Loan Agreement”), by and among the Borrower, Symantec and other guarantors, the administrative agent and the financial institutions party thereto as lender.
In addition, on June22, 2018, Symantec entered into a second amendment and limited waiver (together with the Second Term Loan Amendment, the “Second Amendments”) to the Amended and Restated Credit Agreement, dated as of August1, 2016 (as amended by the First Amendment, dated as of December12, 2016) (as the same may be amended, amended and restated, supplemented or otherwise modified, the “Credit Agreement”, and together with the Term Loan Agreement, the “Loan Agreements”), by and among the Symantec, as borrower under the Credit Agreement, the guarantors, the administrative agents and the financial institutions party thereto as lender.
The Second Amendments extend the deadline for delivery of Symantec’s audited financial statements for the fiscal year ended March30, 2018 (the “2018 financial statements”) to October27, 2018. Symantec would otherwise have been required by the Loan Agreements to deliver its 2018 financial statements on or prior to June28, 2018 (which failure following a 30-day grace period after notice thereof would have constituted an event of default under each of the Loan Agreements). In addition, the Second Amendments provide for a limited waiver of any cross-default under the Loan Agreements that may be deemed to arise from the failure to timely deliver the 2018 financial statements, or any documents or reports Symantec is required to file with the Securities and Exchange Commission, to holders of (or trustees with respect to) Symantec’s outstanding debt securities.
About Symantec Corporation (NASDAQ:SYMC)
Symantec Corporation is a United States-based cybersecurity company. The Company operates its business on a global civilian cyber intelligence threat network and tracks a range of threats across the Internet from various mobile devices, endpoints and servers across the globe. The Company’s segments include Consumer Security and Enterprise Security. The Consumer Security segment includes Norton-branded services, which provide multi-layer security and identity protection on desktop and mobile operating systems, to defend against online threats to individuals, families and small businesses. The Enterprise Security segment protects organizations so they can securely conduct business while leveraging new platforms and data. The Enterprise Security segment includes its threat protection products, information protection products, cyber security services and Website security services. The Company’s services include consulting services, customer success services and education services.
