RBC Bearings amends credit agreements to replace LIBOR with SOFR benchmark

RBC Bearings INC

First Amendment to Credit Agreement dated Dec 5, 2022 transitions $500M revolver and $1.3B term loan from LIBOR to SOFR.
New rate: Term SOFR + 0.10% credit spread adjustment + margin of 0.75%-2.00% based on leverage ratio.
SOFR floor set at 0.00% for U.S. dollar borrowings under the Facilities.
All lenders (100%) consented; amendment effective as of Dec 5, 2022.
Existing LIBOR loans remain until current interest period ends, then convert to Term SOFR loans.

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

RBC Bearings INC amended First Amendment to Credit Agreement with Wells Fargo Bank, National Association, as administrative agent (effective 2022-12-05).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association, as administrative agent
Effective: 2022-12-05

Exact text from the filing

On December 5, 2022, RBC Bearings Incorporated (the "Company") and its subsidiary, Roller Bearing Company of America, Inc. ("RBCA"), entered into the First Amendment to Credit Agreement with Wells Fargo Bank, National Association, as administrative agent (the "Agent"), and the lenders party thereto (the "Amendment").

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RBC Bearings INC filing history →

Source: SEC EDGAR

accession 0001213900-22-078207

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