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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
Bank of America Agents $150MM Revolver for Roaring Fork Intermediate
Friday, December 13, 2019
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Lenders/Participants
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Bank of America [Administrative Agent]
Bank of America Securities [Joint Lead Arranger]
RBC Capital Markets [Joint Lead Arranger]
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Structure
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Revolving Credit Loans
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Amount
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$150.000
Million
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Borrower(s)
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Roaring Fork Intermediate, LLC & Ping Identity Corporation
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Description
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The Credit Agreement provides for an initial $150 million in commitments for revolving credit loans, which amount may be increased or decreased under specific circumstances, with a $15 million letter of credit sublimit and a $50 million alternative currency sublimit. In addition, the Credit Agreement provides for the ability of Borrower to request incremental term loan facilities, in a minimum amount of $10 million for each facility, if, among other things, the Senior Secured Net Leverage Ratio (as defined in the Credit Agreement), calculated giving pro forma effect to the requested term loan facility, is no greater than 3.50 to 1.00. Borrowings pursuant to the Credit Agreement may be used for working capital and other general corporate purposes, including for acquisitions permitted under the Credit Agreement. Borrowings under the Credit Agreement are scheduled to mature on December 12, 2024. The Credit Agreement contains certain customary events of default, which include failure to make payments when due thereunder, the material inaccuracy of representations or warranties, failure to observe or perform certain covenants, cross-defaults, bankruptcy and insolvency-related events, certain judgments, certain ERISA-related events, or a Change in Control (as defined in the Credit Agreement). The interest rates applicable to revolving credit lines under the Credit Agreement are, at the Borrower’s option, either (i) a base rate, which is equal to the greater of (a) the Prime Rate, (b) the Federal Funds Effective Rate plus ½ of 1% and (c) the Adjusted LIBO Rate for a one month Interest Period (each term as defined in the Credit Agreement) plus 1%, or (ii) the Adjusted LIBO Rate equal to the LIBO Rate for the Interest Period multiplied by the Statutory Reserve Rate (each term as defined in the Credit Agreement), plus in the case of each of clauses (i) and (ii), the Applicable Rate. The Applicable Rate (i) for base rate Loans ranges from 0.25% to 1.0% per annum and (ii) for LIBO Rate Loans ranges from 1.25% to 2.0% per annum, in each case, based on the Senior Secured Net Leverage Ratio (as defined in the Credit Agreement). The Adjusted LIBO Rate cannot be less than zero. Base rate borrowings may only be made in dollars. The Borrower will pay a commitment fee during the term of the Credit Agreement ranging from 0.20% to 0.35% per annum based on the Senior Secured Net Leverage Ratio (as defined in the Credit Agreement).
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Industry
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Technology
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Location
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DE
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| Related Tags |
Bank of America
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ABL Advisor
Deal Tables
2024
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