Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.95
SOUTHWEST AIRLINES CO amended revolving credit of Commitments unchanged; no amounts outstanding with syndicate of lenders at Based on Adjusted Term SOFR Rate (floor 1%) or alternate base rate, with margins maturing August 4, 2028.
- Instrument
- revolving credit
- Principal
- Commitments unchanged; no amounts outstanding
- Counterparty
- syndicate of lenders
- Rate
- Based on Adjusted Term SOFR Rate (floor 1%) or alternate base rate, with margins
- Maturity
- August 4, 2028
- Event
- amendment
Exact text from the filing
On August 4, 2023, Southwest Airlines Co. (the “Company”) amended its revolving credit facility agreement with a syndicate of lenders expiring in August 2025 (the “A&R Credit Agreement”) to (i) extend the maturity to August 4, 2028, (ii) release all aircraft and other assets constituting collateral securing the loans made under the A&R Credit Agreement, (iii) delete all provisions and terminate all agreements, in each case, relating to the grant of such collateral, (iv) eliminate the role of “Collateral Agent” under the A&R Credit Agreement after giving effect to the amendment, terminations, and releases, (v) eliminate the minimum liquidity covenant, (vi) add a Coverage Ratio financial covenant, (vii) amend the Collateral Coverage Test covenant requiring that a pool of lien-free specified aircraft and related assets have a minimum aggregate appraised value, and add certain covenants with respect to such pool of assets, (viii) amend the pricing and fees, (ix) increase certain materialit
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