AAON, INC., ACP, and BASX, INC. have recently made significant changes to their loan agreement. The total Revolving Commitments has been increased from $230,000,000.00 to $500,000,000.00, and the Revolving Commitment Termination Date has been extended from May 27, 2027, to May 27, 2030. Additionally, all outstanding Term Loans have been refinanced and paid off in full with the proceeds of Revolving Loans.
The amendment also involves the addition of new lenders, Bank of America, N.A. and Associated Bank, N.A., who have agreed to provide the Revolving Commitment Increase. The Existing Lenders and the New Lenders have agreed to the increase, subject to the terms and conditions set forth in the amendment.
Furthermore, upon the Fifth Amendment Effective Date, there will be assignments and reallocation of the Existing Lenders' respective Revolving Commitments and Revolving Credit Exposures, aligning with the increase of the aggregate Revolving Commitments.
The effectiveness of this Fifth Amendment is subject to various conditions, including the satisfaction of representations and warranties, absence of default, compliance with covenants, and payment of fees and expenses.
The amendment reaffirms the obligations of the parties under the Loan Agreement and other related documents. It is governed by the law of the State of Oklahoma.
As a result of these changes, the Loan Agreement has been significantly altered, with the parties involved making adjustments to various terms and conditions. Following these announcements, the company's shares moved 0.15%, and are now trading at a price of $96.29. For more information, read the company's full 8-K submission here.
