Lowe's amends credit agreements to replace LIBOR with SOFR and modifies asset disposition covenant

LOWES COMPANIES INC

Entered Amendment No. 1 to 2021 Credit Agreement and Amendment No. 2 to 2020 Credit Agreement on Jan 17, 2023.
Replaced LIBOR-based Eurocurrency rate with Term SOFR as reference interest rate option.
Amended negative covenant on asset dispositions to only prohibit dispositions of all or substantially all assets.
Waived certain defaults related to subsidiary non-compliance with Section 7.04 of existing credit agreement.
No changes to commitment amounts or maturity dates of the revolving credit facilities.

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

LOWES COMPANIES INC amended Amendment No. 2 to Credit Agreement with Bank of America, N.A., as administrative agent, swing line lender and a letter of credit issuer, and the other lenders party thereto (effective 2023-01-17).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, swing line lender and a letter of credit issuer, and the other lenders party thereto
Effective: 2023-01-17

Exact text from the filing

Also on January 17, 2023, the Company entered into Amendment No. 2 to Credit Agreement (“Amendment No. 2” and, together with Amendment No. 1, the “Amendments”) with Bank of America, N.A., as administrative agent, swing line lender and a letter of credit issuer, and the other lenders party thereto.

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

LOWES COMPANIES INC amended Amendment No. 1 to Third Amended and Restated Credit Agreement with Bank of America, N.A., as administrative agent, swing line lender and a letter of credit issuer, and the other lenders party thereto (effective 2023-01-17).

Action: amendment
Agreement: credit facility
Counterparty: Bank of America, N.A., as administrative agent, swing line lender and a letter of credit issuer, and the other lenders party thereto
Effective: 2023-01-17

Exact text from the filing

On January 17, 2023, Lowe’s Companies, Inc. (the “Company”) entered into Amendment No. 1 to Third Amended and Restated Credit Agreement (“Amendment No. 1”) with Bank of America, N.A., as administrative agent, swing line lender and a letter of credit issuer, and the other lenders party thereto.

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LOWES COMPANIES INC filing history →

Source: SEC EDGAR

accession 0001193125-23-013158

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