ADTRAN subsidiary ADVA terminates €65M loan, repays €33M with $120M Wells Fargo draw

ADTRAN Holdings, Inc.

ADVA terminated a €65M term loan and €10M revolver agreement with Bayerische Landesbank and Deutsche Bank Luxembourg.
Outstanding principal of €33M was repaid using $120M drawn under ADTRAN's Wells Fargo Credit Agreement, increasing total borrowings to $187.5M.
The credit facilities had been due to mature in September 2023; early termination incurred €18.2K in penalties.
Interest rates were EURIBOR + 1.35% (term loan) and EURIBOR + 1.0% (revolver) as of Dec 31, 2022.

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

ADTRAN Holdings, Inc. terminated Loan Agreement with Bayerische Landesbank, and Deutsche Bank Luxembourg S.A. valued at €65.0 million term loan and a revolving credit facility of credit of €10 million (effective 2023-02-06).

Action: termination
Agreement: credit facility
Counterparty: Bayerische Landesbank, and Deutsche Bank Luxembourg S.A.
Value: €65.0 million term loan and a revolving credit facility of credit of €10 million
Effective: 2023-02-06

Exact text from the filing

On February 6, 2023, ADVA Optical Networking SE (“ADVA”), a subsidiary of ADTRAN Holdings, Inc. (the “Company”), terminated the Loan Agreement, dated September 25, 2018, by and among ADVA, Bayerische Landesbank, and Deutsche Bank Luxembourg S.A. (the “Loan Agreement”), which had provided ADVA with a term loan of €65.0 million and a revolving credit facility of credit of €10 million (collectively, the “credit facilities”).

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Source: SEC EDGAR

accession 0001193125-23-028386

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