secwatch.observer — SEC 8-K summary
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Issuer:     ALIGN TECHNOLOGY INC (ALGN)
CIK:        0001097149
Form:       8-K
Filed at:   2022-12-27T23:59:59+00:00
Accession:  0001097149-22-000069
Event type: debt
Sentiment:  positive
Materiality: 0.50
Item codes: 1.01, 2.03
LLM model:  deepseek-v4-flash:cloud@v2

Align Technology amends credit facility: extends maturity to Dec 2027, relaxes covenants, switches to SOFR
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- Extended maturity of $300M unsecured revolver from July 2023 to December 2027.
- Removed minimum interest coverage covenant; max leverage ratio raised from 3.00x to 3.50x.
- Replaced LIBOR with adjusted term SOFR; margins: SOFR 0.875%-1.375%, base rate 0.000%-0.375%.
- Reduced benchmark rate floor from 1.00% to 0.00%; no loans outstanding as of closing date.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1097149/000109714922000069/0001097149-22-000069-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1097149/000109714922000069/algn-20221223.htm
  HTML page:      https://secwatch.observer/filing/0001097149-22-000069

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer