IDEX Corporation

11/17/2022 | Press release | Distributed by Public on 11/17/2022 15:03

New Financial Obligation - Form 8-K


Pursuant to Section 13 or 15(d) of The
Securities Exchange Act of 1934
Date of report: November 10, 2022
(Date of earliest event reported)
(Exact name of registrant as specified in its charter)
Delaware 1-10235 36-3555336
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
3100 Sanders Road, Suite 301
Northbrook, Illinois60062
(Address of principal executive offices, including zip code)
(847) 498-7070
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Title of Each Class Trading Symbol(s) Name of Each Exchange on Which Registered
Common Stock, par value $.01 per share IEX New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.03 - Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

On November 10, 2022, IDEX Corporation (the "Company") drew down approximately $200 million from its term credit facility and on November 10, 2022 and November 15, 2022, the Company made additional draws in an aggregate amount of approximately $168 million from its revolving credit facility, in each case, pursuant to the terms of the Company's Amended and Restated Credit Agreement, dated November 1, 2022, by and between the Company, along with certain of its subsidiaries, as borrowers, Bank of America, N.A., as administrative agent, swing line lender and an issuer of letters of credit; JPMorgan Chase Bank, N.A., PNC Bank, National Association and Wells Fargo Bank, National Association, as co-syndication agents and issuers of letters of credit; HSBC Bank USA, National Association, Mizuho Bank, Ltd. and Bank of China, Chicago Branch, as co-documentation agents, and the other lenders and financial institutions party thereto (the "Credit Agreement").

As previously disclosed, the proceeds from the borrowings will be used to finance a portion of the consideration for the Company's previously announced acquisition of Muon B.V., a private limited liability company in the Netherlands, and its subsidiaries.

Borrowings under the Credit Agreement have a final maturity date of November 1, 2027 and bear interest, at either an alternate base rate or Term SOFR rate (or appropriate alternative currency reference rates) plus, in each case, an applicable margin. Such applicable margin is based on the better of the Company's senior, unsecured, long-term debt rating or the Company's applicable leverage ratio. Interest is payable (a) in the case of base rate loans, quarterly, and (b) in the case of Term SOFR rate loans, on the last day of the applicable interest period selected, or every three months from the effective date of such interest period for interest periods exceeding three months.

A copy of the Credit Agreement was filed as Exhibit 10.1 to the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on November 2, 2022.

Item 9.01 - Financial Statements and Exhibits.

(d) Exhibits

104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document).

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.
William K. Grogan
Senior Vice President and Chief Financial Officer
November 17, 2022