Ferguson Enterprises Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation
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| Item 1.01. | Entry into a Material Definitive Agreement. |
On October 29, 2024 (the “Effective Date”), Ferguson Enterprises Inc. and certain of its subsidiaries, entered into an Omnibus Amendment and Consent (the “Omnibus Amendment”) that amends each of (i) the Receivables Purchase Agreement, dated as of July 31, 2013 (as amended from time to time prior to the Omnibus Amendment, the “Receivables Purchase Agreement”), among Ferguson Enterprises Inc. and certain of its subsidiaries, the conduit purchasers, committed purchasers, letters of credit banks and facility agents party each thereto, and Royal Bank of Canada, as administrative agent (as amended by the Omnibus Amendment, the “Amended Receivables Purchase Agreement”) and (ii) the Purchase and Contribution Agreement, dated as of July 31, 2013 (as amended from time to time prior to the Omnibus Amendment, the “Purchase and Contribution Agreement”), among Ferguson Enterprises, LLC, Ferguson Receivables, LLC and other subsidiaries of Ferguson Enterprises Inc. (as amended by the Omnibus Amendment, the “Amended Purchase and Contribution Agreement”). All capitalized terms used herein shall have the meaning set forth in the Omnibus Amendment, the Amended Receivables Purchase Agreement or the Amended Purchase and Contribution Agreement, as applicable, unless otherwise defined herein.
The Omnibus Amendment amended the Receivables Purchase Agreement to: (a) extend the termination date to October 29, 2027 for all Purchase Groups except the TD Purchase Group, (b) revise certain limitations on Reassigned Receivables and Acquisition Receivables, (c) add one originator and remove one originator, (d) terminate the PNC Purchase Group’s (and each of its members’) rights and obligations under the Receivables Purchase Agreement, (e) reallocate the Maximum Net Investment among the remaining Purchase Groups and (f) make certain other amendments and implement corresponding technical updates.
The Omnibus Amendment amended the Purchase and Contribution Agreement to, among other things, add one originator and remove one originator and make certain other amendments and implement corresponding technical updates.
The Amended Receivables Purchase Agreement and the Amended Purchase and Contribution Agreement contain conditions, covenants, representations and warranties and events of default (with customary grace periods, as applicable).
The foregoing description of the Omnibus Amendment, the Amended Receivables Purchase Agreement and the Amended Purchase and Contribution Agreement is a summary and is qualified in its entirety by reference to the Omnibus Amendment, the Amended Receivables Purchase Agreement included therein as Annex A and the Amended Purchase and Contribution Agreement included therein as Annex B, 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 in Item 1.01 above is incorporated by reference into this Item 2.03.
| Item 9.01. | Financial Statements and Exhibits |
| (d) | Exhibits |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: October 31, 2024
| Ferguson Enterprises Inc. | ||
| By: | /s/ William Brundage | |
| Name: | William Brundage | |
| Title: | Chief Financial Officer | |