Dayforce enters $1.0B credit facility: $650M term loan, $350M revolver, replacing prior facility

Dayforce, Inc.

$650M senior secured term loan due March 1, 2029; $350M revolver due March 1, 2031.
Term loan at SOFR + 2.50% or base rate + 1.50%; revolver at SOFR + 2.25-2.75% based on leverage.
Replaces April 2018 credit agreement with Deutsche Bank; all prior term loans repaid and commitments terminated.
Financial covenant: first lien net leverage ratio ≤ 7.25:1.00 when revolver usage exceeds 35% of commitment.
Facility secured by substantially all assets of Dayforce and its U.S. restricted subsidiaries.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Dayforce, Inc. entered into Credit Agreement with JPMorgan Chase Bank, N.A. valued at $650.0 million senior secured term loan facility and $350.0 million senior secured revolving credit (effective 2024-02-29).

Action: entry
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A.
Value: $650.0 million senior secured term loan facility and $350.0 million senior secured revolving credit
Effective: 2024-02-29

Exact text from the filing

On February 29, 2024, Dayforce, Inc. (the “ Company ”) entered into a Credit Agreement (the “ Credit Agreement ”) by and among the Company, as borrower, the lenders party thereto (the “ Lenders ”) and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent for the Lenders (the senior secured credit facilities provided thereunder, the “ New Senior Secured Credit Facilities ”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Dayforce, Inc. terminated Former Credit Facility with Deutsche Bank AG New York Branch valued at Repaid in full all outstanding obligations under the Former Credit Agreement, including the term loa (effective 2024-02-29).

Action: termination
Agreement: credit facility
Counterparty: Deutsche Bank AG New York Branch
Value: Repaid in full all outstanding obligations under the Former Credit Agreement, including the term loa
Effective: 2024-02-29

Exact text from the filing

The Company repaid in full all outstanding obligations under the Former Credit Agreement, including the term loans made thereunder, on February 29, 2024 and terminated all commitments thereunder.

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Source: SEC EDGAR

accession 0000950170-24-023418

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