| Item 1.01 | Entry into a Material Definitive Agreement. |
On June 12, 2024 (the “Second Amendment Effective Date”), Ecovyst Catalyst Technologies LLC (“Ecovyst”) and Eco Services Operations Corp. (“Eco Services”, and together with Ecovyst, collectively, the “Borrowers”), each an indirect, wholly owned subsidiary of Ecovyst Inc., entered into a second amendment agreement (the “Amendment”) among the Borrowers, Ecovyst Midco II Inc., UBS AG Cayman Islands Branch, as administrative agent, and the lenders party thereto, which amends that certain Term Loan Credit Agreement dated as of June 9, 2021, by and among the Borrowers, Ecovyst Midco II Inc., UBS AG Cayman Islands Branch, as administrative agent, UBS AG, Stamford Branch, as collateral agent, and the lenders from time to time party thereto, as amended by that certain First Amendment Agreement, dated as of February 9, 2023 (the “Existing Credit Agreement”).
The Amendment amended the Existing Credit Agreement to, among other things, (a) reduce the interest rate applicable to all outstanding SOFR term loans to term SOFR plus 2.25% per annum from a maximum of adjusted term SOFR plus 2.75% per annum, (b) reduce the interest rate applicable to all outstanding base rate term loans to the alternate base rate plus 1.25% per annum from a maximum of the alternate base rate plus 1.75% per annum and (c) extend the maturity date of all outstanding term loans to June 12, 2031.
The foregoing description of the Amendment is qualified in its entirety by reference to the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
| 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 above under Item 1.01 of this Current Report on Form 8-K relating to the Amendment is incorporated by reference into this Item 2.03.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
