CREDIT AGREEMENT

When the limit steps, and which way the company's ratio has been moving.

Signed Jul 1, 2026

Committed: $1.1bn
Matures: n/a
Agent: JPMorgan Chase Bank, N.A.

Tranche	Size	Matures	Margin
Revolving Credit Facility	$500m	n/a	150–200 bps
Initial Term Loans	$600m	n/a	275 bps

Priced over Term SOFR, floor 0 bps (Revolving credit facility).

Level	Condition	Margin	Unused fee
Level I	≥ 2.50 to 1.00	200 bps	35 bps
Level II	< 2.50 to 1.00 and ≥ 1.50 to 1.00	175 bps	30 bps
Level III	< 1.50 to 1.00	150 bps	25 bps

Priced over Term SOFR, floor 0 bps (Term Loan B).

Level	Condition	Margin	Unused fee
Level flat	all times	275 bps	n/a

Lenders: JPMORGAN CHASE BANK, N.A., BOFA SECURITIES, INC., WELLS FARGO BANK, NATIONAL ASSOCIATION, BNP PARIBAS, PNC CAPITAL MARKETS LLC, TRUIST SECURITIES, INC., U.S. BANK NATIONAL ASSOCIATION, ROYAL BANK OF CANADA, CITIZENS BANK, N.A., CITIBANK, N.A.

CovenantTestedHeadroomLimit now

Tested quarterly10.9%ratio 4.23x, estimated, vs 4.75x limit in force at Jul 4, 20264.75x

From Third and fourth fiscal quarters ending after the Closing Date · 4.50x
From Fifth and sixth fiscal quarters ending after the Closing Date · 4.25x
From Seventh and eighth fiscal quarters ending after the Closing Date · 4.00x
From Ninth fiscal quarter ending after the Closing Date and each fiscal quarter thereafter · 3.50x

Holdings will not permit the Consolidated Total Leverage Ratio for any period of four consecutive fiscal quarters of Holdings ending on the last day of any fiscal quarter of Holdings, beginning with the first fiscal quarter ending after the Closing Date, (each such date, a “CTLR Testing Date”) to exceed the ratio set forth across from such fiscal quarter in the table below:

Read the filing on sec.gov ↗

Tested quarterly62.4%ratio 4.06x, estimated, vs 2.50x limit in force at Jul 4, 20262.50x

Holdings will not permit the Consolidated Interest Coverage Ratio as of the last day of any fiscal quarter of Holdings, beginning with the last day of the first fiscal quarter ending after the Closing Date, in each case for any period of four consecutive fiscal quarters of Holdings ending on the last day of such fiscal quarter, to be less than 2.50 to 1.00.

Read the filing on sec.gov ↗

Download CSV · Download JSON

Amendments

No amendments on file yet.

Report an error

Email [email protected].