Ultra Clean Holdings obtains covenant relief on revolving credit facility through Dec 2024

Ultra Clean Holdings, Inc.

Fifth Amendment to Credit Agreement provides relief on Consolidated Fixed Charge Coverage Ratio and Total Leverage Ratio maintenance covenants.
Covenant relief effective from fiscal period ended June 30, 2023 to Dec 31, 2024; subject to anti-cash hoarding and minimum liquidity requirements.
Company may elect earlier termination upon meeting certain financial ratio tests and ceasing use of adjustments.
No revolving loans currently outstanding under the Credit Agreement; relief applies only to revolving credit facility.

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 Fifth Amendment with Barclays Bank PLC, as administrative agent, and the revolving lenders party thereto (effective 2023-07-27).

Action: amendment
Agreement: credit facility
Counterparty: Barclays Bank PLC, as administrative agent, and the revolving lenders party thereto
Effective: 2023-07-27

Exact text from the filing

On July 27, 2023, Ultra Clean Holdings, Inc. (the “Company”), Barclays Bank PLC, as administrative agent, and the revolving lenders party thereto, entered into that certain Fifth Amendment dated as of July 27, 2023 (the “Fifth Amendment”) to the Credit Agreement dated as of August 27, 2018 (as amended as of October 1, 2018, March 31, 2021, August 19, 2022 and June 29, 2023 (the “Existing Credit Agreement”), and the Existing Credit Agreement as further amended by the Fifth Amendment, the “Credit Agreement”).

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Source: SEC EDGAR

accession 0000950170-23-036082

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