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Donnelley Financial extends revolving facility to 2023, cuts pricing
By Sarah Lizee
Olympia, Wash., Dec. 18 – Donnelley Financial Solutions, Inc. entered into a second amendment on Tuesday to its credit agreement with JPMorgan Chase Bank, NA as administrative agent to extend the maturity of the revolving facility and reduce its interest rate margins and facility fees, according to an 8-K filing with the Securities and Exchange Commission.
The maturity date of the revolver is Dec. 18, 2023, subject to a springing maturity if any term loans are outstanding six months prior to their maturity date and have not otherwise been extended or refinanced such that their maturity date and weighted average life to maturity is no earlier than 91 days after the revolver’s maturity date.
Revolver borrowings bear interest at Libor plus 200 basis points to 250 bps, based on the consolidated leverage ratio of the company and its restricted subsidiaries. The margin was previously 212.5 bps to 275 bps.
The facility fee ranges from 30 bps to 40 bps.
The amendment also modified the financial maintenance and negative covenants, the filing noted.
JPMorgan, Bank of America, NA, Citigroup Global Markets Inc., Capital One Securities, Inc., Fifth Third Securities, Inc., ING Bank NV, PNC Capital Markets LLC, SunTrust Robinson Humphrey, Inc., MUFG Bank, Ltd., U.S. Bank NA and Wells Fargo Securities, LLC are Joint lead arrangers and joint bookrunners.
Bank of America and Citigroup are co-syndication agents.
Capital One, Fifth Third, ING Bank, PNC, SunTrust, MUFG, Wells Fargo Bank, NA and U.S. Bank are co-documentation agents.
Donnelley Financial is a Chicago-based financial communications services company.
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