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Quotes & Info
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| SWFT > SEC Filings for SWFT > Form 8-K on 8-Mar-2013 | All Recent SEC Filings |
8-Mar-2013
Entry into a Material Definitive Agreement
On March 7, 2013, we entered into a Second Amended and Restated Credit Agreement (the "Agreement") replacing our previous Amended and Restated Credit Agreement dated March 6, 2012 (the "Credit Agreement"). The Agreement replaces our previous first lien term loan B-1 and B-2 tranches with outstanding principal balances of $152.0 million and $508.0 million, respectively, and increases the total outstanding principal balance of the first lien term loan B-1 tranche by $98.0 million to $250.0 million while reducing the balance of the first lien term loan B-2 tranche by the same amount to $410.0 million. In addition, the Agreement reduces the interest rate applicable to the first lien term loan B-1 tranche to the LIBOR rate plus 2.75% with no LIBOR floor, down from LIBOR plus 3.75% with no LIBOR floor, and reduces the interest rate applicable to the first lien term loan B-2 tranche to the LIBOR rate plus 3.00% with a 1.00% LIBOR floor, down from LIBOR plus 3.75% with a 1.25% LIBOR floor.
In addition to the pricing changes described above, the Agreement increased the availability pursuant to the accordion feature from $250 million to $350 million, subject to the satisfaction of certain conditions and the participation of lenders. The covenants, maturity dates, and amortization schedules prior to maturity are unaffected by this Agreement.
The foregoing description of the Second Amended and Restated Credit Agreement and the Credit Agreement is only a summary, does not purport to be complete and is qualified in its entirety by reference to the Second Amended and Restated Credit Agreement, which will be filed as an exhibit to our next Quarterly Report on Form 10-Q and is incorporated herein by reference and the Credit Agreement, which is filed as Exhibit 10.1 to our Quarterly Report on Form 10-Q filed on May 8, 2012 and is incorporated herein by reference.
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