Aviat Networks amends credit facility to support NEC and NEC Malaysia acquisitions

AVIAT NETWORKS, INC.

Amendment adds NEC Malaysia Acquisition as permitted investment and extends NEC Acquisition deadline to Jan 5, 2024.
Up to $2.8M of delayed draw term loan proceeds may be used for working capital if NEC Malaysia Acquisition is not consummated.
Intercompany loans of up to $50M permitted to fund purchase price for both acquisitions.
If NEC Acquisition not closed by Jan 5, 2024, outstanding delayed draw term loan must be prepaid immediately.
Borrowing notice timing reduced from 11:00 a.m. to 1:00 p.m. and RFR notice period shortened to one business day.

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

AVIAT NETWORKS, INC. amended First Amendment to Credit Agreement with Wells Fargo Bank, National Association (effective 2023-11-22).

Action: amendment
Agreement: credit facility
Counterparty: Wells Fargo Bank, National Association
Effective: 2023-11-22

Exact text from the filing

On November 22, 2023, Aviat Networks, Inc., a Delaware corporation (the “Company,” “Aviat”, “we,” “us,” or “our”) entered into a First Amendment to Credit Agreement (the “Credit Agreement Amendment”), with Aviat U.S., Inc. (“Opco” and together with the Company the “U.S. Borrowers”), Aviat Networks (S) Pte. Ltd. (the “Singapore Borrower” and together with the Company and Opco, the “Borrowers”) and Wells Fargo Bank, National Association, as administrative agent, swingline lender and issuing lender and Wells Fargo Securities LLC, Citigroup Global Markets Inc., and Regions Capital Markets as joint lead arrangers and joint bookrunners (the “Lender”).

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Source: SEC EDGAR

accession 0001377789-23-000050

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