| Item 1.01. | Entry into a Material Definitive Agreement |
Credit Agreement Amendment
On July 2, 2021 (the “Closing Date”), Prime Security Services Borrower, LLC, a Delaware limited liability company (“Prime Borrower”) and an indirect wholly owned subsidiary of ADT Inc. (“ADT,” the “Company,” “we” and “our”), entered into that certain Incremental Assumption and Amendment Agreement No. 11 (the “Credit Agreement Amendment”), by and among the Prime Borrower, as borrower, Prime Security Services Holdings, LLC, a Delaware limited liability company and a wholly owned direct subsidiary of the Company (“Holdings”), The ADT Security Corporation, a Delaware corporation and a directly wholly owned subsidiary of Prime Borrower (“ADTSC”), certain of Prime Borrower’s subsidiaries, the lenders and issuing banks party thereto and Barclays Bank PLC, as administrative agent (the “Administrative Agent”), which amends and restates that certain Tenth Amended and Restated First Lien Credit Agreement, dated as of July 1, 2015 (as amended, restated, supplemented or otherwise modified from time to time prior to the Closing Date, the “Existing Credit Agreement”), by and among Prime Borrower, as borrower, Holdings, the lenders party thereto, the Administrative Agent and the other parties named therein (as amended and restated by the Credit Agreement Amendment, the “Amended and Restated Credit Agreement”). On the Closing Date, pursuant to the Credit Agreement Amendment, Prime Borrower extended the maturity date of its existing $400 million first lien revolving credit facility (as extended, the “Extended First Lien Revolving Credit Facility”) to June 23, 2026, subject to the repayment, extension, or refinancing with longer maturity debt of certain of Prime Borrower’s other indebtedness, and obtained an additional $175 million of commitments under the Extended First Lien Revolving Credit Facility. As of the Closing Date, after giving effect to the Credit Agreement Amendment, the aggregate commitments under the Extended First Lien Revolving Credit Facility are $575 million and there are no amounts outstanding under the Extended First Lien Revolving Credit Facility.
In addition, pursuant to the Credit Agreement Amendment, ADTSC was added as a borrower under the Extended First Lien Revolving Credit Facility.
Other than as described above, the loans under the Amended and Restated Credit Agreement continue to have the same terms as provided under the Existing Credit Agreement. Additionally, the parties to the Amended and Restated Credit Agreement continue to have the same obligations set forth in the Existing Credit Agreement.
The foregoing description of the Credit Agreement Amendment and the Amended and Restated Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by reference to the full text of the Credit Agreement Amendment, a copy of which is filed as Exhibit 10.1 hereto and incorporated by reference herein, and the full text of the Amended and Restated Credit Agreement, a copy of which is attached as Annex A to the Credit Agreement Amendment and incorporated by reference herein.
| Item 2.03. | Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth under Item 1.01 is incorporated into this Item 2.03 by reference.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits.
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Exhibit No. | | Description |
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| 10.1 | | Incremental Assumption and Amendment Agreement No. 11, dated as of July 2, 2021, by and among Prime Security Services Holdings, LLC, Prime Security Services Borrower, LLC, The ADT Security Corporation, the subsidiary loan parties party thereto, the lenders and issuing banks party thereto and Barclays Bank PLC, as administrative agent. |
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| 104 | | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
