Gates Industrial Corp plc (GTES): debt financing — Gates Industrial enters $575M dollar term loan amendment, repaying euro term loans

Gates Industrial Corp plc

Subsidiaries entered Amendment No. 6, establishing $575.0M Initial B-4 Dollar Term Loans.
Proceeds used to repay in full outstanding euro-denominated Initial B-2 Euro Term Loans.
New loans bear interest at Term SOFR + 3.50% (0.50% floor) or base rate + 2.50%; mature Nov 2029.
Quarterly amortization at 1% p.a. of initial principal; prepayment premium applies for repricing within six months.
Gates Corporation added as co-borrower alongside Gates Global LLC.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Gates Industrial Corp plc amended term loan of $575.0 million with Credit Suisse AG, Cayman Islands Branch at Term SOFR plus 3.50% per annum maturing November 2029.

Instrument: term loan
Principal: $575.0 million
Counterparty: Credit Suisse AG, Cayman Islands Branch
Rate: Term SOFR plus 3.50% per annum
Maturity: November 2029
Event: amendment

Exact text from the filing

Amendment No. 6, among other things, refinanced and replaced the Borrower’s outstanding euro denominated term loans with a new class of $575.0 million of dollar denominated term loans (the “Initial B-4 Dollar Term Loans”).

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Gates Industrial Corp plc amended Amendment No. 6 with Credit Suisse AG, Cayman Islands Branch as administrative agent and collateral agent, and the other parties and lenders party thereto valued at $575.0 million (effective 2022-11-16).

Action: amendment
Agreement: credit facility
Counterparty: Credit Suisse AG, Cayman Islands Branch as administrative agent and collateral agent, and the other parties and lenders party thereto
Value: $575.0 million
Effective: 2022-11-16

Exact text from the filing

On November 16, 2022, certain subsidiaries of Gates Industrial Corporation plc entered into Amendment No. 6 (“Amendment No. 6”) to the Credit Agreement, dated as of July 3, 2014 (as amended by Amendment No. 1, dated as of April 7, 2017, Amendment No. 2, dated as of November 22, 2017, Amendment No. 3, dated as of January 24, 2018, Amendment No. 4, dated as of February 24, 2021, and Amendment No. 5, dated as of November 18, 2021), among Gates Global LLC (the “Borrower”), Omaha Holdings LLC and certain subsidiaries of the Borrower as guarantors, Credit Suisse AG, Cayman Islands Branch as administrative agent and collateral agent, and the other parties and lenders party thereto (as amended, the “Credit Agreement”).

View on SEC.gov

Browse all debt financings →

Gates Industrial Corp plc filing history →

Source: SEC EDGAR

accession 0001104659-22-120754

view filing index on sec.gov

view primary document

Machine-readable: JSON · Markdown · Plain text

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.