ITT INC. (ITT): debt financing — ITT Amends Credit Agreement to Allow €300M Debt for Svanehøj Acquisition; Director Retires

ITT INC.

ITT amended its credit agreement to allow Italian subsidiary ITT Italia to incur up to €300 million in unsecured debt for the pending acquisition of Svanehøj Group A/S.
Director Richard P. Lavin retired from the board effective December 4, 2023 for personal reasons, with no disagreement with the company.
The amendment involved lenders including Bank of America, BNP Paribas, Citibank, U.S. Bank, Wells Fargo, and others.
Proceeds from the unsecured indebtedness may also be used for general corporate purposes beyond the Svanehøj acquisition.

item 1.01 item 2.03 item 5.02 item 9.01

Executive movements

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Departed

Richard P. Lavin

Director

ITT · ITT INC.

Effective: 2023-12-04
Filed: December 7, 2023, 6:59 PM ET

On December 3, 2023, Mr. Richard P. Lavin notified the Company of his retirement from the Board due to personal reasons, effective December 4, 2023.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ITT INC. amended credit facility of up to €300.0 million with Bank of America, N.A..

Instrument: credit facility
Principal: up to €300.0 million
Counterparty: Bank of America, N.A.
Event: amendment

Exact text from the filing

mpany”) entered into the Second Amendment (the “Amendment”) to the Company’s Credit Agreement, dated as of August 5, 2021 (as amended, the “Credit Agreement”), among the Company, certain subsidiaries of the Company party thereto, the lenders party thereto and Bank of America, N.A., as the administrative agent, the L/C issuer and a U.S. swingline lender.

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Executive change SEC 8-K Item 5.02 confidence 0.95

Richard P. Lavin retired as Director at ITT INC..

Action: retired
Role: Director

Exact text from the filing

On December 3, 2023, Mr. Richard P. Lavin notified the Company of his retirement from the Board due to personal reasons, effective December 4, 2023.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ITT INC. amended Second Amendment with Bank of America, N.A. valued at €300.0 million (effective 2023-12-06).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A.
Value: €300.0 million
Effective: 2023-12-06

Exact text from the filing

On December 6, 2023, ITT Inc. (the “Company”) entered into the Second Amendment (the “Amendment”) to the Company’s Credit Agreement, dated as of August 5, 2021 (as amended, the “Credit Agreement”), among the Company, certain subsidiaries of the Company party thereto, the lenders party thereto and Bank of America, N.A., as the administrative agent, the L/C issuer and a U.S. swingline lender.

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ITT INC. filing history →

Source: SEC EDGAR

accession 0000216228-23-000045

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