Ultra Clean enters Fourth Amendment to credit agreement, replacing LIBOR with Term SOFR

Ultra Clean Holdings, Inc.

Fourth Amendment effective June 29, 2023 replaces USD LIBOR with Term SOFR plus spread adjustment.
Existing Eurodollar loans continue until end of current interest period, then auto-convert to Term SOFR loans.
No new borrowing, principal amount unchanged; purely benchmark transition to comply with LIBOR cessation.
Amendment executed by Ultra Clean Holdings and Barclays Bank PLC as administrative agent.

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

Ultra Clean Holdings, Inc. amended Fourth Amendment to Credit Agreement with Barclays Bank PLC valued at Replace LIBOR with Term SOFR under the Credit Agreement (effective 2023-06-29).

Action: amendment
Agreement: credit facility
Counterparty: Barclays Bank PLC
Value: Replace LIBOR with Term SOFR under the Credit Agreement
Effective: 2023-06-29

Exact text from the filing

On June 29, 2023, Ultra Clean Holdings, Inc. (the “Company”) and Barclays Bank PLC, entered into that certain Fourth Amendment dated as of June 29, 2023 (the “Fourth Amendment”) to the Credit Agreement dated as of August 27, 2018 and amended as of October 1, 2018, March 31, 2021 and August 19, 2022 (the “Existing Credit Agreement” and, as amended by the Fourth Amendment, the “Credit Agreement”) to replace the LIBOR-based reference interest rate option with a reference interest option based upon Term SOFR under the Credit Agreement.

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Source: SEC EDGAR

accession 0000950170-23-032015

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