Methode Electronics enters new $750M credit agreement, extends maturity to 2027

METHODE ELECTRONICS INC

New $750M multicurrency revolving credit facility replaces existing agreement, term loan terminated.
Maturity date extended to October 31, 2027.
Interest rates: SOFR plus 1.375%-2.25% or base rate plus 0.375%-1.25%, depending on leverage ratio.
Approximately $200M of revolving loans outstanding at closing; proceeds used to refinance existing debt.

Key facts

Extracted from this filing and checked against the source text.

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

METHODE ELECTRONICS INC entered into Credit Agreement with Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the Lenders and other parties named therein valued at $750,000,000 (effective 2022-10-31).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the Lenders and other parties named therein
Value: $750,000,000
Effective: 2022-10-31

Exact text from the filing

On October 31, 2022, Methode Electronics, Inc. (the “Company”) entered into a Second Amended and Restated Credit Agreement (the “Credit Agreement”) among the Company, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and the Lenders and other parties named therein.

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Source: SEC EDGAR

accession 0000950170-22-020712

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