GMS Inc.: debt financing — GMS subsidiary lowers term loan interest rate by 75 bps to SOFR+2.25% via Amendment No. 7

GMS Inc.

Interest rate on term SOFR loans reduced from Term SOFR+3.00% to Term SOFR+2.25%.
Base rate loans reduced from Base Rate+2.00% to Base Rate+1.25%.
Amendment converts $396.4M of 2023 Refinancing Term Loans into 2024 Refinancing Term Loans.
New additional 2024 Refinancing Term Commitment of ~$102.3M from Wells Fargo brings total to $498.75M.
Proceeds used to repay non-converted 2023 Refinancing Term Loans; no novation occurred.

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

GMS Inc. amended credit facility with JPMorgan Chase Bank N.A. at Term SOFR plus 2.25% (reduced from Term SOFR plus 3.00%).

Instrument: credit facility
Counterparty: JPMorgan Chase Bank N.A.
Rate: Term SOFR plus 2.25% (reduced from Term SOFR plus 3.00%)
Event: amendment

Exact text from the filing

The disclosures of the material terms and conditions of the Term Loan Amendment contained in Item 1.01 above are hereby incorporated by reference into this Item 2.03.

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

GMS Inc. amended Term Loan Amendment with JPMorgan Chase Bank N.A. (effective 2024-02-02).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank N.A.
Effective: 2024-02-02

Exact text from the filing

On February 2, 2024, GYP Holdings III Corp. (the “Company”), an indirect subsidiary of GMS Inc., entered into Amendment No. 7 (the “Term Loan Amendment”), by and among the Company, GYP Holdings II Corp., certain subsidiaries of the Company party thereto, the lenders party thereto, and JPMorgan Chase Bank N.A. , as the administrative agent and collateral agent.

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299 debt financings filed in the last 30 days. Browse all debt financings →

Source: SEC EDGAR

accession 0001104659-24-010370

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