Resideo technologies, inc., resideo holding inc., resideo intermediate holding inc. and resideo funding inc. enters into first amendment to credit agreement

On november 26, 2019, resideo technologies, inc. entered into a first amendment to credit agreement by and among the company, resideo holding inc., resideo intermediate holding inc., resideo funding inc., the lenders and issuing banks party thereto, and jpmorgan chase bank, n.a., as administrative agent. the credit agreement amendment amended the existing credit agreement dated as of october 25, 2018 (the credit agreement) to, among other things: increase the levels of the maximum consolidated total leverage ratio under the credit agreement, to not greater than 5.25 to 1.00 for the fiscal quarter ending december 31, 2019, with step-downs to 4.75 to 1.00 starting in the fiscal quarter ending december 31, 2020, 4.25 to 1.00 starting in the fiscal quarter ending december 31, 2021, and 3.75 to 1.00 starting in the fiscal quarter ending december 31, 2022; increase each applicable interest rate margin on loans outstanding after the first amendment effective date by 25 basis points per annum, to 2.25% per annum (for libor loans) and 1.25% per annum (for abr loans) in respect of the term b loan facility, and based on the leverage ratio, from 2.25% per annum to 1.75% per annum (for libor loans) and 1.25% to 0.75% per annum (for abr loans) for the term a loan facility and the revolving credit facility; and modify the defined terms consolidated ebitda and pro forma basis set forth in the credit agreement. certain of the lenders and agents and their respective affiliates have, from time to time, performed, and may in the future perform, various financial advisory and investment banking, commercial banking and other services for the company and its affiliates, for which they received or will receive customary fees and expenses.
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