Examples of New Senior Secured Credit Facilities in a sentence
Use of Proceeds: Absent a special mandatory redemption, we intend to use the net proceeds from this offering, together with the proceeds from the Common Stock Offering and the Convertible Preferred Stock Purchase and the borrowings under the New Senior Secured Credit Facilities, to finance the Allied Acquisition, to refinance certain of our existing indebtedness and to pay fees and expenses related to the Allied Transactions.
Credit Facility and Term Loans The Company's New Senior Secured Credit Facilities, consisting of its $1.25 billion revolving credit facility and term loan facilities, contain covenants that, among other things, limit the ability of the Company to declare or pay dividends.
So long as the Company's consolidated total net leverage ratio remains below 3.50 to 1.00, the New Senior Secured Credit Facilities do not restrict the ability of the Company to pay dividends.
The restriction in the New Senior Secured Credit Facilities on the Company's ability to pay dividends is subject to certain significant exceptions, including an exception that permits the Company to pay dividends and make other restricted payments regardless of dollar amount so long as, after giving pro forma effect thereto, the Company would have a consolidated total net leverage ratio, as defined under the New Senior Secured Credit Facilities, no greater than 3.50 to 1.00.
On October 28, 2020, the Company repaid the outstanding debt under its First Lien Term Loans and Second Liens Term Loans and the Company, through its subsidiaries, entered into the New Senior Secured Credit Facilities, consisting of a $1,325.0 million New Term Loan Facility and a $400.0 million New Revolving Facility, and issued $775.0 million of Senior Secured Notes.