secwatch.observer — SEC 8-K summary
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Issuer:     RBC Bearings INC (RBC)
CIK:        0001324948
Form:       8-K
Filed at:   2022-12-07T23:59:59+00:00
Accession:  0001213900-22-078207
Event type: debt
Sentiment:  neutral
Materiality: 0.50
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

RBC Bearings amends credit agreements to replace LIBOR with SOFR benchmark
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1324948/000121390022078207/0001213900-22-078207-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1324948/000121390022078207/ea169689-8k_rbcbearings.htm
  HTML page:      https://secwatch.observer/filing/0001213900-22-078207

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer