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
QualTek Services Inc. incurred revolving credit of $101,200,000 of new money revolving commitments with PNC Bank, National Association and the lenders party thereto at Bloomberg Short-Term Bank Yield Index rate (subject to reserve requirements) plu maturing mature on the first anniversary of the Effective Date.
- Instrument
- revolving credit
- Principal
- $101,200,000 of new money revolving commitments
- Counterparty
- PNC Bank, National Association and the lenders party thereto
- Rate
- Bloomberg Short-Term Bank Yield Index rate (subject to reserve requirements) plu
- Maturity
- mature on the first anniversary of the Effective Date
- Event
- incurrence
Exact text from the filing
a senior secured ABL Credit and Guaranty Agreement by and among the Loan Parties, PNC Bank, National Association and the lenders party thereto (the “Exit ABL Credit Agreement”) consisting of $101,200,000 of new money revolving commitments
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
QualTek Services Inc. incurred term loan of second lien term loans in an aggregate principal amount of $104,961,023.20 with UMB Bank, N.A. and the lenders party thereto at term SOFR (SOFR floor of 1.00%) plus 1.00% (with the portion of the interest und maturing mature on the date that is three years and six months after the Effective Date.
- Instrument
- term loan
- Principal
- second lien term loans in an aggregate principal amount of $104,961,023.20
- Counterparty
- UMB Bank, N.A. and the lenders party thereto
- Rate
- term SOFR (SOFR floor of 1.00%) plus 1.00% (with the portion of the interest und
- Maturity
- mature on the date that is three years and six months after the Effective Date
- Event
- incurrence
Exact text from the filing
a Second Lien Credit Agreement by and among the Loan Parties, UMB Bank, N.A. and the lenders party thereto (the “Exit Second Lien Term Loan Credit Agreement”) consisting of second lien term loans in an aggregate principal amount of $104,961,023.20
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
QualTek Services Inc. incurred term loan of an aggregate principal amount of $135,047,073.75 consisting of (x) $25,000,000 of new money first lien term loans and (y with UMB Bank, N.A. and the lenders party thereto at term SOFR (SOFR floor of 1.00%) plus 8.00% maturing mature on the second anniversary of the Effective Date.
- Instrument
- term loan
- Principal
- an aggregate principal amount of $135,047,073.75 consisting of (x) $25,000,000 of new money first lien term loans and (y
- Counterparty
- UMB Bank, N.A. and the lenders party thereto
- Rate
- term SOFR (SOFR floor of 1.00%) plus 8.00%
- Maturity
- mature on the second anniversary of the Effective Date
- Event
- incurrence
Exact text from the filing
a first lien Term Credit and Guaranty Agreement by and among the Loan Parties, UMB Bank, N.A. and the lenders party thereto (the “Exit First Lien Term Loan Credit Agreement”) in an aggregate principal amount of $135,047,073.75 consisting of (x) $25,000,000 of new money first lien term loans and (y) first lien term loans in an aggregate principal amount of $110,047,073.75, converted from the Debtors’ outstanding DIP term loans
View on SEC.gov
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
QualTek Services Inc. incurred term loan of third lien term loans in an aggregate principal amount of $127,653.99 with UMB Bank, N.A. and the lenders party thereto at term SOFR, plus 1% (all payable in kind) maturing mature on the seventh anniversary of the Effective Date.
- Instrument
- term loan
- Principal
- third lien term loans in an aggregate principal amount of $127,653.99
- Counterparty
- UMB Bank, N.A. and the lenders party thereto
- Rate
- term SOFR, plus 1% (all payable in kind)
- Maturity
- mature on the seventh anniversary of the Effective Date
- Event
- incurrence
Exact text from the filing
a Third Lien Credit Agreement by and among the Loan Parties, UMB Bank, N.A. and the lenders party thereto (the “Exit Third Lien Term Loan Credit Agreement”) consisting of third lien term loans in an aggregate principal amount of $127,653.99
View on SEC.gov
Distress & Bankruptcy
SEC 8-K Item 1.03
confidence 0.9
QualTek Services Inc. entered chapter 11 (petition 2023-07-14).
- Proceeding
- chapter 11
- Petition
- 2023-07-14
Exact text from the filing
On July 14, 2023, the Debtors filed a Notice of (I) Entry of Order Approving the Debtors’ Disclosure Statement for, and Confirming, the Debtors’ Joint Plan of Reorganization Pursuant to Chapter 11 of the Bankruptcy Code, and (II) Occurrence of the Plan Effective Date [Docket No. 248].
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Todd Clegg was appointed as Director at QualTek Services Inc..
- Action
- designated as a member of the board
- Role
- Director
Exact text from the filing
Christopher S. Hisey, Todd Clegg, Daniel Lafond, and Emanuel Pearlman were designated as members of the board of directors of the Reorganized Company (the “Board of Directors”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
John Kritzmacher departed as Director at QualTek Services Inc..
- Action
- ceased to be a director
- Role
- Director
Exact text from the filing
Andrew Weinberg, Matthew Allard, Bruce Roberson, John Kritzmacher, Cielo Hernandez and Alan Carr ceased to be directors of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Andrew Weinberg departed as Director at QualTek Services Inc..
- Action
- ceased to be a director
- Role
- Director
Exact text from the filing
Andrew Weinberg, Matthew Allard, Bruce Roberson, John Kritzmacher, Cielo Hernandez and Alan Carr ceased to be directors of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Emanuel Pearlman was appointed as Director at QualTek Services Inc..
- Action
- designated as a member of the board
- Role
- Director
Exact text from the filing
Christopher S. Hisey, Todd Clegg, Daniel Lafond, and Emanuel Pearlman were designated as members of the board of directors of the Reorganized Company (the “Board of Directors”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Daniel Lafond was appointed as Director at QualTek Services Inc..
- Action
- designated as a member of the board
- Role
- Director
Exact text from the filing
Christopher S. Hisey, Todd Clegg, Daniel Lafond, and Emanuel Pearlman were designated as members of the board of directors of the Reorganized Company (the “Board of Directors”).
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Bruce Roberson departed as Director at QualTek Services Inc..
- Action
- ceased to be a director
- Role
- Director
Exact text from the filing
Andrew Weinberg, Matthew Allard, Bruce Roberson, John Kritzmacher, Cielo Hernandez and Alan Carr ceased to be directors of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Alan Carr departed as Director at QualTek Services Inc..
- Action
- ceased to be a director
- Role
- Director
Exact text from the filing
Andrew Weinberg, Matthew Allard, Bruce Roberson, John Kritzmacher, Cielo Hernandez and Alan Carr ceased to be directors of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Matthew Allard departed as Director at QualTek Services Inc..
- Action
- ceased to be a director
- Role
- Director
Exact text from the filing
Andrew Weinberg, Matthew Allard, Bruce Roberson, John Kritzmacher, Cielo Hernandez and Alan Carr ceased to be directors of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Cielo Hernandez departed as Director at QualTek Services Inc..
- Action
- ceased to be a director
- Role
- Director
Exact text from the filing
Andrew Weinberg, Matthew Allard, Bruce Roberson, John Kritzmacher, Cielo Hernandez and Alan Carr ceased to be directors of the Company.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Christopher S. Hisey was appointed as Director at QualTek Services Inc..
- Action
- designated as a member of the board
- Role
- Director
Exact text from the filing
Christopher S. Hisey, Todd Clegg, Daniel Lafond, and Emanuel Pearlman were designated as members of the board of directors of the Reorganized Company (the “Board of Directors”).
View on SEC.gov
Governance Changes
SEC 8-K Item 5.03/5.05/5.06
confidence 0.9
QualTek Services Inc.: Adopted new Organizational Documents (including articles of incorporation and bylaws) upon emergence from Chapter 11.
- Change
- charter amendment
Exact text from the filing
On the Effective Date, in connection with the Reorganized Debtors’ implementation of the Plan, the Reorganized Debtors adopted their New Organizational Documents (each as defined in the Confirmation Order).
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
QualTek Services Inc. underwent a change of control (closed 2023-07-14).
- Action
- change of control
- Closing
- 2023-07-14
Exact text from the filing
On the Effective Date, pursuant to the Plan, all existing equity interests of the Company issued and outstanding immediately prior to the Effective Date, and any rights of any holder in respect thereof, were deemed cancelled, released and extinguished and are now of no further force or effect. As described in Item 3.02, on the Effective Date, pursuant to the Plan, the Reorganized Company issued the New Equity Interests and the New Warrants.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
QualTek Services Inc. entered into Exit ABL Credit Agreement with PNC Bank, National Association and the lenders party thereto valued at $101,200,000.
- Action
- entry
- Agreement
- credit facility
- Counterparty
- PNC Bank, National Association and the lenders party thereto
- Value
- $101,200,000
Exact text from the filing
a senior secured ABL Credit and Guaranty Agreement by and among the Loan Parties, PNC Bank, National Association and the lenders party thereto (the “Exit ABL Credit Agreement”)
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
QualTek Services Inc. entered into Exit Third Lien Term Loan Credit Agreement with UMB Bank, N.A. and the lenders party thereto valued at $127,653.99.
- Action
- entry
- Agreement
- credit facility
- Counterparty
- UMB Bank, N.A. and the lenders party thereto
- Value
- $127,653.99
Exact text from the filing
a Third Lien Credit Agreement by and among the Loan Parties, UMB Bank, N.A. and the lenders party thereto (the “Exit Third Lien Term Loan Credit Agreement”) consisting of third lien term loans in an aggregate principal amount of $127,653.99
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
QualTek Services Inc. terminated Convertible Notes Indenture with Wilmington Trust, National Association.
- Action
- termination
- Agreement
- notes offering
- Counterparty
- Wilmington Trust, National Association
Exact text from the filing
the obligations of the Debtors under the indenture, dated as of February 14, 2022, by and among the Company, the guarantors party thereto and Wilmington Trust, National Association, as trustee (as amended, the “Convertible Notes Indenture”), were cancelled.
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
QualTek Services Inc. entered into Exit Second Lien Term Loan Credit Agreement with UMB Bank, N.A. and the lenders party thereto valued at $104,961,023.20.
- Action
- entry
- Agreement
- credit facility
- Counterparty
- UMB Bank, N.A. and the lenders party thereto
- Value
- $104,961,023.20
Exact text from the filing
a Second Lien Credit Agreement by and among the Loan Parties, UMB Bank, N.A. and the lenders party thereto (the “Exit Second Lien Term Loan Credit Agreement”) consisting of second lien term loans in an aggregate principal amount of $104,961,023.20
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
QualTek Services Inc. entered into Exit First Lien Term Loan Credit Agreement with UMB Bank, N.A. and the lenders party thereto valued at $135,047,073.75.
- Action
- entry
- Agreement
- credit facility
- Counterparty
- UMB Bank, N.A. and the lenders party thereto
- Value
- $135,047,073.75
Exact text from the filing
a first lien Term Credit and Guaranty Agreement by and among the Loan Parties, UMB Bank, N.A. and the lenders party thereto (the “Exit First Lien Term Loan Credit Agreement”) in an aggregate principal amount of $135,047,073.75
View on SEC.gov
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