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Albany International Corporation
07/03/2024 | Press release | Distributed by Public on 07/03/2024 11:52
Material Agreement Form 8 K
Item 1.01. Entry into a Material Definitive Agreement.
On June 28, 2024, Albany International Corp. (the "Company") entered into the first amendment (the "First Amendment") to its Amended and Restated Credit Agreement, dated as of August 16, 2023 (the "Existing Credit Agreement", the Existing Credit Agreement, as amended pursuant to the First Amendment, the "Credit Agreement"), by and among the Company, Albany International Holding (Switzerland) AG, Albany International Europe GMBH, Albany International Canada Corp., the other Borrowing Subsidiaries party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. The parties to the First Amendment include the Company and the Administrative Agent.
The First Amendment, among other things, replaces the existing interest rate benchmark for borrowings denominated in Canadian Dollars, the CDO Rate (as defined in the Existing Credit Agreement), with Adjusted Term CORRA (as defined in the Credit Agreement), which includes a credit spread adjustment of 0.29547% for loans with one-month interest periods or 0.32138% for loans with three-month interest periods.
The foregoing summary of the First Amendment does not purport to be complete and is qualified in its entirety by reference to the full and complete text of the First Amendment which will be filed as an exhibit to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024.