AZZ Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
$AZZ
Industrial Specialties
Industrials
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 1.01 | Entry into a Material Definitive Agreement. | ||||
Fourth Amendment to Credit Agreement
On September 24, 2024, AZZ Inc. (the "Company") entered into the Fourth Amendment to its existing Credit Agreement referenced below with Citibank, N.A. (“Citi”), as Administrative Agent and Collateral Agent and the requisite lenders (the "Fourth Amendment"). The Fourth Amendment amends the Credit Agreement dated as of May 13, 2022 by and among Citi, as Administrative Agent and Collateral Agent, the lenders party thereto from time to time and the Company's subsidiaries party thereto (as thereafter amended, the "Credit Agreement").
The Fourth Amendment reduces the interest rate of the Term Loan B by 75 basis points to Adjusted Term SOFR + 250 basis points from Adjusted Term SOFR + 325 basis points. The capitalized terms in the preceding sentence shall have the meanings given to such terms in the Credit Agreement. This is the third spread rate repricing the Company has completed with respect to the Term Loan B since the loan was entered into, resulting in interest rate margin savings of 185 basis points in total with respect to the Term Loan B since its issuance in May 2022.
This summary of the Fourth Amendment does not purport to be complete and is subject to, and is qualified in its entirety by, reference to all the terms of the Fourth Amendment, a copy of which is attached to this Current Report on Form 8-K as Exhibit 10.1 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 in Item 1.01 with respect to the Fourth Amendment is incorporated by reference in this Item 2.03.
| Item 9.01 | Financial Statements and Exhibits. | ||||
(d) Exhibits.
| Exhibit | Description | ||||
| 10.1 | |||||
| 99.1 | |||||
104 | Cover Page Interactive Date File (embedded with the Inline XBRL document). | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| AZZ Inc. | |||||
| Date: September 24, 2024 | By: /s/ Tara D. Mackey | ||||
| Tara D. Mackey Chief Legal Officer and Secretary | |||||