Hydrofarm amends credit agreement to replace LIBOR with SOFR, spreads unchanged

HYDROFARM HOLDINGS GROUP, INC.

Amended $125M term loan to replace LIBOR with SOFR-based rates effective June 27, 2023.
ABR loans bear interest at Alternate Base Rate (2% floor) plus 4.50%.
Term Benchmark loans bear interest at Adjusted Term SOFR Rate (1% floor) plus 5.50%.
Credit spreads and October 2028 maturity unchanged from original agreement.
Transition follows joint early opt-in election by agent and borrower.

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

HYDROFARM HOLDINGS GROUP, INC. amended Amendment No. 1 to the Credit and Guaranty Agreement with JPMorgan Chase Bank, N.A., as administrative agent for the lenders (effective 2023-06-27).

Action: amendment
Agreement: credit facility
Counterparty: JPMorgan Chase Bank, N.A., as administrative agent for the lenders
Effective: 2023-06-27

Exact text from the filing

on June 27, 2023, Hydrofarm Holdings Group, Inc. (the "Company") amended its Credit and Guaranty Agreement, originally entered into on October 25, 2021 with JPMorgan Chase Bank, N.A., as administrative agent for the lenders, pursuant to which the Company borrowed a $125,000 senior secured term loan (“Term Loan”). Pursuant to Amendment No. 1 to the Credit and Guaranty Agreement (“Amendment No. 1”)

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Source: SEC EDGAR

accession 0001628280-23-024106

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