EXTREME NETWORKS INC (EXTR): debt financing — Extreme Networks enters $200M term loan and $150M revolving credit facility, maturing 2028

EXTREME NETWORKS INC

Second Amended and Restated Credit Agreement dated June 22, 2023, replaces prior 2019 facility.
Term loan of $200M and revolving loan of $150M, both five-year maturities through June 2028.
Interest rates: SOFR plus 2.00%-2.75% or base rate plus 1.00%-1.75%, based on leverage ratio.
Covenants: min interest coverage 3.00x, max leverage 2.75x (step-up to 3.25x for acquisitions).
Proceeds for working capital and general corporate purposes; secured by substantially all assets.

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

EXTREME NETWORKS INC incurred term loan of $200 million with Bank of Montreal, as administrative agent, and the lenders party thereto at the applicable margin for SOFR loans ranges from 2.00% to 2.75% per annum maturing June 22, 2028.

Instrument: term loan
Principal: $200 million
Counterparty: Bank of Montreal, as administrative agent, and the lenders party thereto
Rate: the applicable margin for SOFR loans ranges from 2.00% to 2.75% per annum
Maturity: June 22, 2028
Event: incurrence

Exact text from the filing

The Credit Agreement provides for a 5-year first lien term loan facility in an aggregate principal amount of $200 million

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

EXTREME NETWORKS INC incurred revolving credit of $150 million with Bank of Montreal, as administrative agent, and the lenders party thereto at the applicable margin for SOFR loans ranges from 2.00% to 2.75% per annum maturing June 22, 2028.

Instrument: revolving credit
Principal: $150 million
Counterparty: Bank of Montreal, as administrative agent, and the lenders party thereto
Rate: the applicable margin for SOFR loans ranges from 2.00% to 2.75% per annum
Maturity: June 22, 2028
Event: incurrence

Exact text from the filing

a 5-year revolving loan facility in an aggregate principal amount of $150 million

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

EXTREME NETWORKS INC amended Second Amended and Restated Credit Agreement with BMO Harris Bank, N.A., Bank of America, N.A., JPMorgan Chase Bank, N.A., PNC Bank, National Association, Wells Fargo Bank, National Association, and Bank of Montreal valued at $200 million (effective 2023-06-22).

Action: amendment
Agreement: credit facility
Counterparty: BMO Harris Bank, N.A., Bank of America, N.A., JPMorgan Chase Bank, N.A., PNC Bank, National Association, Wells Fargo Bank, National Association, and Bank of Montreal
Value: $200 million
Effective: 2023-06-22

Exact text from the filing

On June 22, 2023, Extreme Networks, Inc., a Delaware corporation (“ Extreme ”) entered into a Second Amended and Restated Credit Agreement (the “ Credit Agreement ”), by and among Extreme, as borrower, BMO Harris Bank, N.A., as an issuing lender and swingline lender, Bank of America, N.A., JPMorgan Chase Bank, N.A., PNC Bank, National Association and Wells Fargo Bank, National Association, as issuing lenders, the financial institutions or entities party thereto as lenders, and Bank of Montreal, as administrative agent and collateral agent.

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Source: SEC EDGAR

accession 0000950170-23-029645

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