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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
JPMorgan Chase Agents Alcoa Revolver Amendment
Tuesday, November 21, 2017
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Lenders/Participants
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JPMorgan Chase Bank [Administrative Agent]
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Structure
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Revolving Credit Facility Amendment
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Amount
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$1.500
Billion
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Borrower(s)
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Alcoa Corporation
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Description
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The Amendment was entered into to amend certain terms of the Original Revolving Credit Agreement (the Original Revolving Credit Agreement, as amended by the Amendment, the “Amended Revolving Credit Agreement”). The Amended Revolving Credit Agreement extends the maturity date of the credit facility from November 1, 2021 to November 14, 2022, with certain extension rights in the discretion of each lender. The aggregate amount of commitments under the Amended Revolving Credit Agreement remains at $1.5 billion. The Amended Revolving Credit Agreement permits the Borrower to, from time to time, request that the existing lenders (at their discretion) or new lenders provide one or more additional tranches of term loans or increase the aggregate amount of the revolving commitments, in an aggregate principal amount of up to $500 million. Borrowings under the Amended Revolving Credit Agreement bear interest at a rate per annum equal to an applicable margin, plus, at the Borrower’s option, either (a) an adjusted LIBOR rate or (b) a base rate determined by reference to the highest of (1) the prime rate of JPMorgan Chase Bank, N.A., (2) the greater of the federal funds effective rate and the overnight bank funding rate, plus 0.5% and (3) the one month adjusted LIBOR rate plus 1% per annum, all of which are unchanged from the Original Credit Agreement. Under the Amended Revolving Credit Agreement, the applicable margin for LIBOR loans and base rate loans will vary based on Holdings’ leverage ratio, the categories of which have been adjusted, and will range from 1.75% to 2.50% for LIBOR loans and from 0.75% to 1.50% for base rate loans. In addition to paying interest on outstanding borrowings under the Revolving Credit Facility, the Borrower will be required to pay a quarterly commitment fee based on the unused portion of the Revolving Credit Facility, which will also be determined by Holdings’ leverage ratios, the tiers of which have been adjusted, and will range from 0.225% to 0.450%.
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Industry
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Metals and Mining
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| Related Tags |
JPMorgan Chase Bank
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ABL Advisor
Deal Tables
2024
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