Ingevity Corporation amended its credit agreement to extend the maturity by five years and reduce commitments to $750 million, while repaying $512.1 million in outstanding loans.
Key takeaways
The maturity date of the revolving credit facility was extended to March 26, 2031, which is five years after the Closing Date.
Aggregate commitment amounts under the facility were decreased from $1 billion to $750 million.
The Company repaid all outstanding revolving loans totaling $512.1 million in principal on the Closing Date.
Interest rates are set at term benchmark rates plus a margin of 1.00% to 1.75% or base rates plus a margin of 0.00% to 0.75%.
JPMorgan Chase Bank, N.A. serves as the Administrative Agent, Collateral Agent, and Swingline Lender for the facility.