TECH DATA CORPORATION (NASDAQ:TECD) Files An 8-K Entry into a Material Definitive AgreementItem 9.01.
Entry into a Material Definitive Agreement.
On August 8, 2017 (the “Execution Date”), Tech Data Corporation (the “Company”) amended and restated the transfer and administration agreement dated as of May 19, 2000 (as amended prior to the Execution Date, “the Original Agreement”, and as amended and restated on the Execution Date, the “Amended and Restated Agreement”), a two-year receivables securitization facility which allows a special purpose, bankruptcy remote vehicle, wholly owned by the Company (the “Transferor”), to pledge a designated pool of U.S. accounts receivable on an ongoing basis to provide collateral for borrowings. The Original Agreement was scheduled to expire on November 16, 2017. Under the Amended and Restated Agreement, the Company has access to up to a maximum of $750.0 million in borrowings and pays interest on advances at designated commercial paper or LIBOR-based rates plus an agreed-upon margin. The Company added AVT Technology Solutions LLC (“AVT TS”), a Delaware limited liability company that was acquired by the Company on February 27, 2017, as an additional originator of accounts receivable pledged under the Amended and Restated Agreement.