AUTOMATIC DATA PROCESSING INC (ADP): debt financing — ADP enters $4.25B 364-day & $2.25B five-year credit facilities and amends existing $3.2B facility to SOFR

AUTOMATIC DATA PROCESSING INC

New $4.25B 364-day credit facility replaces prior $3.75B facility; matures June 28, 2024.
New $2.25B five-year credit facility replaces prior $2.75B facility; matures June 30, 2028.
Existing $3.2B five-year facility amended to replace LIBOR with SOFR; matures June 9, 2026.
Total credit capacity remains $9.7B; use of proceeds for general corporate purposes including refinancing.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

AUTOMATIC DATA PROCESSING INC incurred credit facility of $4,250,000,000 with a group of lenders at floating rate per annum based on margin over Term SOFR-based rate or a margin ov maturing June 28, 2024 (option to extend to June 28, 2025).

Instrument: credit facility
Principal: $4,250,000,000
Counterparty: a group of lenders
Rate: floating rate per annum based on margin over Term SOFR-based rate or a margin ov
Maturity: June 28, 2024 (option to extend to June 28, 2025)
Event: incurrence

Exact text from the filing

On June 30, 2023, Automatic Data Processing, Inc., a Delaware corporation (the “Company”), entered into a $4.25 billion 364-Day Credit Agreement (the “364-Day Facility”) and a $2.25 billion Five-Year Credit Agreement (the “Five-Year Facility,” and together with the 364-Day Facility, the “New Facilities”) with a group of lenders (the “Lenders”).

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

AUTOMATIC DATA PROCESSING INC incurred credit facility of $2,250,000,000 with a group of lenders at floating rate per annum based on margin over Term SOFR-based rate or a margin ov maturing June 30, 2028 (option to extend by one year on each anniversary).

Instrument: credit facility
Principal: $2,250,000,000
Counterparty: a group of lenders
Rate: floating rate per annum based on margin over Term SOFR-based rate or a margin ov
Maturity: June 30, 2028 (option to extend by one year on each anniversary)
Event: incurrence

Exact text from the filing

On June 30, 2023, Automatic Data Processing, Inc., a Delaware corporation (the “Company”), entered into a $4.25 billion 364-Day Credit Agreement (the “364-Day Facility”) and a $2.25 billion Five-Year Credit Agreement (the “Five-Year Facility,” and together with the 364-Day Facility, the “New Facilities”) with a group of lenders (the “Lenders”).

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

AUTOMATIC DATA PROCESSING INC amended Amendment Agreement with the lenders to the Existing Credit Agreement (effective 2023-06-30).

Action: amendment
Agreement: credit facility
Counterparty: the lenders to the Existing Credit Agreement
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, the Company also entered into an Amendment Agreement (the “Amendment”) to the Company’s existing $3.20 billion Five-Year Credit Agreement, dated June 9, 2021 (the “Existing Credit Agreement,” the facility thereunder, the “Existing Five-Year Facility,” and together with the New Facilities, the “Facilities”), with the lenders to the Existing Credit Agreement.

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

AUTOMATIC DATA PROCESSING INC entered into Five-Year Credit Agreement with a group of lenders (the “Lenders”) valued at $2.25 billion (effective 2023-06-30).

Action: entry
Agreement: credit facility
Counterparty: a group of lenders (the “Lenders”)
Value: $2.25 billion
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, Automatic Data Processing, Inc., a Delaware corporation (the “Company”), entered into a $4.25 billion 364-Day Credit Agreement (the “364-Day Facility”) and a $2.25 billion Five-Year Credit Agreement (the “Five-Year Facility,” and together with the 364-Day Facility, the “New Facilities”) with a group of lenders (the “Lenders”).

View on SEC.gov

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

AUTOMATIC DATA PROCESSING INC entered into 364-Day Credit Agreement with a group of lenders (the “Lenders”) valued at $4.25 billion (effective 2023-06-30).

Action: entry
Agreement: credit facility
Counterparty: a group of lenders (the “Lenders”)
Value: $4.25 billion
Effective: 2023-06-30

Exact text from the filing

On June 30, 2023, Automatic Data Processing, Inc., a Delaware corporation (the “Company”), entered into a $4.25 billion 364-Day Credit Agreement (the “364-Day Facility”) and a $2.25 billion Five-Year Credit Agreement (the “Five-Year Facility,” and together with the 364-Day Facility, the “New Facilities”) with a group of lenders (the “Lenders”).

View on SEC.gov

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Source: SEC EDGAR

accession 0000950142-23-001907

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