secwatch.observer — SEC 8-K summary
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Issuer:     Dayforce, Inc. (—)
CIK:        0001725057
Form:       8-K
Filed at:   2024-03-01T23:59:59+00:00
Accession:  0000950170-24-023418
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 1.02, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1725057/000095017024023418/0000950170-24-023418-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1725057/000095017024023418/day-20240229.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-023418

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