The 2020 Term Loan Agreement provides for term loans in the aggregate principal amount of $100 million, subject to the Cap. Borrowings under the 2020 Term Loan Agreement accrue interest at a rate of 3.50%. The Fourth Amendment to 2020 Term Loan Agreement, among other things, changes the maturity date for the term loans to the earlier of (i) five business days prior to the earlier of the date the Notes or any Subsequent Notes mature, are repaid, or are redeemed, unless refinanced, or (ii) April 1, 2030. The Fourth Amendment to 2020 Term Loan Agreement also modifies certain financial and debt covenants applicable to HLA and events of default in a manner similar to the First Amendment to 2022 Term Loan Agreement.
The 2017 Revolving Loan Agreement provides for revolving loans up to an aggregate principal amount of $50 million, subject to the Cap. Borrowings under the 2017 Revolving Loan Agreement accrue interest at a rate equal to the greater of (a) the Prime Rate (as defined therein) minus 1.50% and (b) 2.25%. The Fourth Amendment to 2017 Revolving Loan Agreement, among other things, changes the maturity date for the revolving loans to the earlier of (i) five business days prior to the earlier of the date the Notes or any Subsequent Notes mature, are repaid, or are redeemed, unless refinanced, or (ii) October 7, 2027. The Fourth Amendment to 2017 Revolving Loan Agreement also provides for a replacement base rate in the event the Prime Rate is unavailable and modifies certain financial and debt covenants applicable to HLA and events of default in a manner similar to the First Amendment to 2022 Term Loan Agreement.
The 2017 Term Loan Agreement provides for term loans in the aggregate principal amount of $100 million, subject to the Cap. Borrowings under the 2017 Term Loan Agreement accrue interest at a rate equal to the greater of (a) the Prime Rate (as defined therein) minus 1.25% and (b) 3.00%, subject to reduction in certain conditions. The Fifth Amendment to 2017 Term Loan Agreement, among other things, changes the maturity date for the term loans to the earlier of (i) five business days prior to the earlier of the date the Notes or any Subsequent Notes mature, are repaid, or are redeemed, unless refinanced, or (ii) July 1, 2029. The Fifth Amendment to 2017 Term Loan Agreement also provides for a replacement base rate in the event the Prime Rate is unavailable and modifies certain financial and debt covenants applicable to HLA and events of default in a manner similar to the First Amendment to 2022 Term Loan Agreement.
The foregoing descriptions do not purport to be complete and are qualified in their entirety by reference to the respective new agreements, which are filed as Exhibits 10.2, 10.3, 10.4, and 10.5 to this Current Report on Form 8-K and are incorporated herein by reference.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information included in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
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º Confidential information in this exhibit has been omitted.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.