Quidelortho Corporation
04/29/2024 | Press release | Distributed by Public on 04/29/2024 06:01
Material Agreement - Form 8-K
Item 1.01 Entry into a Material Definitive Agreement
On April 25, 2024, QuidelOrtho Corporation (the "Company") entered into Amendment No. 2 (the "Amendment"), by and among the Company, the lenders party thereto, and Bank of America, N.A., as administrative agent, which amends that certain Credit Agreement, dated as of May 27, 2022, as amended by Increase Joinder No. 1, dated as of August 4, 2022, and as further amended by Amendment No. 1, dated as of September 8, 2023, among the Company, the several lenders from time to time parties thereto, the L/C issuers from time to time parties thereto and Bank of America, N.A., as the administrative agent and swing line lender (the "Credit Agreement").
The Amendment, among other matters, modifies the Credit Agreement by setting the required maximum leverage ratio for the applicable measurement period as follows:
|
Fiscal Quarters Ending
|
Maximum Consolidated Leverage Ratio
|
|
On or prior to June 30, 2023
|
4.50 to 1.00
|
|
After June 30, 2023 and on or prior to June 30, 2024
|
4.00 to 1.00
|
|
After June 30, 2024 and on or prior to December 31, 2024
|
4.25 to 1.00
|
|
After December 31, 2024 and on or prior to June 30, 2025
|
4.00 to 1.00
|
|
Each fiscal quarter after June 30, 2025
|
3.75 to 1.00
|
The Amendment also includes other clarifying amendments to certain covenants set forth in the Credit Agreement.
The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Amendment, a copy of which is attached hereto as Exhibit 10.1 to this Current Report on Form 8-K ("Form 8-K"), which is incorporated herein by reference.