CCC Intelligent Solutions Holdings Inc.
01/23/2025 | Press release | Distributed by Public on 01/23/2025 15:31
Material Agreement (Form 8-K)
| Item 1.01. |
Entry into a Material Definitive Agreement. |
Credit Agreement Amendment
On January 23, 2025, CCC Intelligent Solutions Inc. ("CCCIS"), an indirect wholly owned subsidiary of CCC Intelligent Solutions Holdings Inc., together with certain of its subsidiaries acting as guarantors (the "Subsidiary Guarantors") and Cypress Intermediate Holdings II, LLC (f/k/a Cypress Intermediate Holdings II, Inc.) ("Holdings" acting as a parent guarantor (together with the Subsidiary Guarantors, the "Guarantors"), entered into the fourth amendment (the "Amendment") to the Credit Agreement, dated as of September 21, 2021 (the "Credit Agreement" as amended from time to time, including by the Amendment, the "Amended Credit Agreement"), by and among CCCIS, Holdings, Bank of America, N.A. ("Bank of America"), as Administrative Agent, Collateral Agent and Swingline Lender, and each lender and issuing bank from time to time party thereto (the "Lenders"). Capitalized terms used in this Item 1.01 but not otherwise defined herein shall have the meanings provided to such terms in the Amended Credit Agreement or the Amendment, as applicable.
Pursuant to the terms of the Amendment, CCCIS incurred incremental term loans in an aggregate principal amount of $225 million, which were used to (i) refinance certain outstanding incremental term loans, (ii) extend the maturity of all term loans to January 23, 2032, (iii) remove the credit spread adjustment applicable to SOFR loans, and (iv) reduce the interest rate margin applicable to all term loans to the following rate:
| (1) |
1.00%, in the case of base rate loans, and 2.00%, in the case of SOFR (or Euribor or SONIA) loans, if S&P and Moody's Debt First Lien Leverage Ratio Ratings (as defined in the Credit Agreement) are below BB-(with a stable outlook) or below Ba3 (with a stable outlook) (or if for any reason this category does not apply, including if the Borrower has only one Debt Rating or the Borrower does not have any Debt Rating), and |
| (2) |
0.75%, in the case of base rate loans, and 1.75%, in the case of SOFR (or Euribor or SONIA) loans, if S&P and Moody's Debt First Lien Leverage Ratio Ratings are both BB-(with a stable outlook) or better and Ba3 (with a stable outlook) or better. |
Commencing March 31, 2025, the term loans are repayable in quarterly installments in an amount equal to 0.25% of the original principal amount of the term loans (subject to certain adjustments from time to time), with the balance payable at maturity. Subject to certain exceptions set forth in the Amended Credit Agreement, the obligations under the Amended Credit Agreement are guaranteed by the Guarantors and secured by a first-priority security interest in and lien on substantially all of the assets and all interests of the Guarantors.
The foregoing description of the Amendment is a summary only, does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the Amendment, a copy of which is filed as Exhibit 10.1 to this Current Report and is incorporated by reference herein.