Thermon amends credit agreement: replaces LIBOR with SOFR, adds covenants for divestment

Thermon Group Holdings, Inc.

Replaced LIBOR with Term SOFR as benchmark rate; technical updates for Term Benchmark and RFR Loans.
Added baskets to asset sale and affiliate transaction covenants to permit divestment of Thermon Eurasia LLC.
Added two financial covenants: US/Canadian loan parties must have ≥75% of total revenue and assets of the consolidated group.
Bank guarantees from any Loan Party to a Lender/affiliate now included in secured Obligations.

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

Thermon Group Holdings, Inc. amended Amendment No. 2 to Credit Agreement, Amendment No. 1 to the Guarantee and Collateral Agreement and Amendment No. 1 to the Canadian Guarantee and Collateral Agreement with JPMorgan Chase Bank, N.A., as Administrative Agent, and the Lenders (effective 2023-03-07).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as Administrative Agent, and the Lenders
Effective: 2023-03-07

Exact text from the filing

On March 7, 2023, the Company, the US Borrower and the Canadian Borrower entered into an Amendment No. 2 to Credit Agreement, Amendment No. 1 to the Guarantee and Collateral Agreement and Amendment No. 1 to the Canadian Guarantee and Collateral Agreement (collectively, the “Amendment”) with the Lenders and the Agent.

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Thermon Group Holdings, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-030609

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