Summit Materials Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
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| Item 1.01. | Entry into a Material Definitive Agreement. |
Amendment No. 8 to Amended and Restated Credit Agreement
On July 25, 2024, Summit Materials, LLC (“Summit LLC”), an indirect subsidiary of Summit Materials, Inc., and the guarantors party thereto entered into Amendment No. 8 (“Amendment No. 8”) to the Amended and Restated Credit Agreement, dated as of July 17, 2015 (together with prior amendments, the “Credit Agreement”), governing Summit LLC’s senior secured credit facilities, among Summit LLC, as borrower, the guarantors party thereto, the several banks and other financial institutions or entities party thereto, Bank of America, N.A., as administrative agent, collateral agent, L/C issuer and swing line lender and the other parties thereto.
Amendment No. 8 amended the Credit Agreement to, among other things, in respect of the term loans thereunder (the “Term Loans”): (i) reduce the applicable margin on Term SOFR borrowings from 2.50% to 1.75% per annum; (ii) reduce the applicable margin on base rate borrowings from 1.50% to 0.75% per annum; and (iii) require a premium of 1.00% in respect of any prepayment of the Term Loans in connection with certain repricing transactions that occur on or prior to the six-month anniversary of the effective date of Amendment No. 8. All other material terms and provisions of the Term Loans remain substantially the same as the terms and provisions in place immediately prior to the effectiveness of Amendment No. 8.
The foregoing description of Amendment No. 8 does not purport to be complete and is qualified in its entirety by reference to the full text of Amendment No. 8 which is filed herewith as Exhibit 10.1 and is 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 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, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SUMMIT MATERIALS, INC. | ||
| Date: July 25, 2024 | ||
| By: | /s/ Christopher B. Gaskill | |
| Name: | Christopher B. Gaskill | |
| Title: | EVP, Chief Legal Officer & Secretary | |