Element Solutions Inc (ESI): debt financing — Element Solutions increases revolver to $375M, extends maturity to 2027, replaces LIBOR with SOFR

Element Solutions Inc

New $375M revolving credit facility replaces prior $330M facility; matures Nov 15, 2027.
Letter of credit sublimit raised to $115M from $100M; no immediate drawdown.
Interest spreads: initial Term SOFR spread 1.75%, base rate 0.75%; step-down based on leverage.
Barclays replaced by Citibank as administrative and collateral agent under credit agreement.
Term loans now bear interest at 1-month SOFR + 2.00% per Amendment No. 5; cross-currency swaps amended.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Element Solutions Inc incurred revolving credit of $375 million with Citibank, N.A. at 1.75% per annum for Term SOFR loans, EURIBO rate loans or RFR loans and 0.75% pe maturing November 15, 2027.

Instrument: revolving credit
Principal: $375 million
Counterparty: Citibank, N.A.
Rate: 1.75% per annum for Term SOFR loans, EURIBO rate loans or RFR loans and 0.75% pe
Maturity: November 15, 2027
Event: incurrence

Exact text from the filing

Amendment No. 6 provided for (i) a revolving credit facility in an aggregate principal amount of $375 million (the "New Revolving Credit Facility"), which replaced the $330 million revolving credit facility in effect immediately prior to the Effective Date (the "Initial Revolving Credit Facility"), and (ii) amended interest rates applicable to borrowings under the New Revolving Credit Facility (as described below).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Element Solutions Inc amended Cross-currency Swaps with certain banks included in the Credit Agreement syndicate (the Hedge Counterparties) (effective 2022-10-24).

Action: amendment
Agreement: credit facility
Counterparty: certain banks included in the Credit Agreement syndicate (the Hedge Counterparties)
Effective: 2022-10-24

Exact text from the filing

On October 24, 2022, the Company amended its existing cross-currency swaps (the "Swaps") with certain banks included in the Credit Agreement syndicate (the "Hedge Counterparties") to effectively swap to a fixed rate the one-month Term SOFR interest rate applicable to the Term Loans pursuant to Amendment No. 5.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Element Solutions Inc amended Amendment No. 6 to Credit Agreement with Citibank, N.A. and the several lenders party thereto valued at $375 million (effective 2022-11-15).

Action: amendment
Agreement: credit facility
Counterparty: Citibank, N.A. and the several lenders party thereto
Value: $375 million
Effective: 2022-11-15

Exact text from the filing

Amendment No. 6 provided for (i) a revolving credit facility in an aggregate principal amount of $375 million (the "New Revolving Credit Facility")

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Element Solutions Inc filing history →

Source: SEC EDGAR

accession 0001590714-22-000085

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