Emerald Holding, Inc. (EEX): debt financing — Emerald X refinances $515M term loans with lower interest margins; 25bps stepdown possible

Amendment No. 1 reduces the applicable margin with respect to the existing term loans (the “ Existing Term Loans ”) by refinancing in full the Existing Term Loans with new term loans, which will bear interest at a rate equal to, at the Borrower’s opinion, either (a) a base rate equal to the greatest of: (i) the administrative agent’s prime rate, (ii) the federal funds effective rate plus 50 basis points and (iii) one month Term SOFR plus 1.00%, in each case plus 2.25%, with a 25 basis points stepdown for so long as the Borrower achieves a public corporate family rating by Moody’s Investors Service, Inc. (“ Moody’s ”) of at least B1; or (b) Term SOFR plus 3.25%, with a 25 basis points stepdown for so long as the Borrower achieves a public corporate family rating by Moody’s of at least B1.