National oilwell varco, inc. enters into an amendment no. 1 to the 5-year credit agreement
On october 30, 2019, national oilwell varco, inc. (the company) entered into an amendment no. 1 to the 5-year credit agreement among the company, wells fargo bank, national association, as administrative agent, and the lenders party thereto (the “amendment”) in order to effect, among other things, the amendments. the amendment amends the 5-year credit agreement dated as of june 27, 2017 by and among the company, as borrower, wells fargo bank, national association, as administrative agent and the lenders party thereto (the “credit agreement”) to, among other things, (i) extend the maturity date of the revolving credit facility from june 27, 2022 to october 30, 2024, (ii) decrease the revolving credit facility from $3,000,000,000 (with a $1,000,000,000 accordion) to $2,000,000,000 (with a $1,000,000,000 accordion), (iii) reduce the letter of credit sublimit from $1,000,000,000 to $750,000,000, (iv) permit the company to elect to have fitch ratings included in the pricing grid, and (v) make certain other changes to the credit agreement, including, without limitation, an update to (a) the libor replacement language, (b) sanctions, anti-terrorism, anti-corruption and anti-money laundering provisions consistent with the administrative agent’s internal policies and (c) add provisions concerning qualified financial contracts, division/plan of division and beneficial ownership.
