Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
DNOW Inc. amended credit facility with Wells Fargo Bank, National Association at SOFR plus existing applicable margin plus a credit spread adjustment of 0.10% pe.
- Instrument
- credit facility
- Counterparty
- Wells Fargo Bank, National Association
- Rate
- SOFR plus existing applicable margin plus a credit spread adjustment of 0.10% pe
- Event
- amendment
Exact text from the filing
The Second Amendment amends certain terms, provisions and covenants of the Credit Agreement, including, among other things: (i) replaces the London Interbank Offered Rate (LIBOR) with the secured overnight financing rate (SOFR) as the interest rate benchmark with the existing applicable margin plus a credit spread adjustment of 0.10% per annum; (ii) modifies certain reporting obligations with respect to the Company’s share repurchase program; and (iii) increases the sublimit for US letters of credit to $20 million.
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
DNOW Inc. amended Second Amendment with Wells Fargo Bank, National Association and the lenders party thereto (effective 2022-12-29).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Wells Fargo Bank, National Association and the lenders party thereto
- Effective
- 2022-12-29
Exact text from the filing
On December 29, 2022, NOW Inc. (the “Company”, and together with certain direct and indirect subsidiaries of the Company, the “Borrowers”) entered into a second amendment (the “Second Amendment”) to the existing senior secured credit facility dated as of April 30, 2018, among the Borrowers, the lenders party thereto and Wells Fargo Bank, National Association serving as the administrative agent, an issuing lender and swing lender (as amended, the “Credit Agreement”).
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