GREENHILL & CO INC: debt financing — Greenhill refinances $270M term loan with Mizuho note at lower SOFR+2.25% rate

GREENHILL & CO INC

Entered secured promissory note with Mizuho Bank Ltd. for $276M to repay existing $270M term loan.
Interest rate is one-month SOFR plus 2.25%, 100 bps lower than the prior credit agreement.
Maturity date April 12, 2024, extendable to June 11, 2024 if the Mizuho merger has not closed.
Existing credit agreement terminated; new note has no restrictive covenants but is secured.
Merger with Mizuho at $15/share all-cash expected to close by year-end 2023, pending regulatory approvals.

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

GREENHILL & CO INC incurred loan with Mizuho Bank Ltd. at one-month SOFR plus a Term SOFR Adjustment plus 2.25% maturing April 12, 2024.

Instrument: loan
Counterparty: Mizuho Bank Ltd.
Rate: one-month SOFR plus a Term SOFR Adjustment plus 2.25%
Maturity: April 12, 2024
Event: incurrence

Exact text from the filing

On August 31, 2023, the Company entered into a secured promissory note with Mizuho Bank Ltd., a Japanese banking corporation (the “Promissory Note”) to repay in full the Existing Term Loan.

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

GREENHILL & CO INC entered into Promissory Note with Mizuho Bank Ltd. valued at $270,078,781.00 outstanding principal balance replaced by new note; interest at one-month SOFR plus (effective 2023-08-31).

Action: entry
Agreement: credit facility
Counterparty: Mizuho Bank Ltd.
Value: $270,078,781.00 outstanding principal balance replaced by new note; interest at one-month SOFR plus
Effective: 2023-08-31

Exact text from the filing

On August 31, 2023, the Company entered into a secured promissory note with Mizuho Bank Ltd., a Japanese banking corporation (the "Promissory Note") to repay in full the Existing Term Loan.

View on SEC.gov

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

GREENHILL & CO INC terminated Existing Credit Agreement with Goldman Sachs Bank USA valued at All amounts outstanding repaid and lending commitments terminated; prior outstanding principal balan (effective 2023-08-31).

Action: termination
Agreement: credit facility
Counterparty: Goldman Sachs Bank USA
Value: All amounts outstanding repaid and lending commitments terminated; prior outstanding principal balan
Effective: 2023-08-31

Exact text from the filing

In connection with entry into the Promissory Note, the Company elected to repay in full all amounts outstanding and terminate all lending commitments under the Existing Credit Agreement.

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Source: SEC EDGAR

accession 0001140361-23-042427

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