11/15/2024 | Press release | Distributed by Public on 11/15/2024 15:37
ITEM 1.01 |
Entry into a Material Definitive Agreement. |
On November 15, 2024, Affiliated Managers Group, Inc. (the "Company") entered into a Third Amended and Restated Credit Agreement (the "Revolving Credit Agreement"), providing for a $1.25 billion senior unsecured multicurrency revolving credit facility maturing on November 15, 2029, with Bank of America, N.A., as administrative agent, letter of credit issuer and swingline lender, and the other lending institutions from time to time party thereto, which amended and restated the Company's existing Second Amended and Restated Credit Agreement, dated as of October 25, 2021, as subsequently amended through the date hereof. Subject to certain conditions, the Company may increase the commitments under the Revolving Credit Agreement by up to $500 million.
Borrowings under the Revolving Credit Agreement may be used for working capital and other general corporate purposes, including investments in new and existing Affiliates, repayment of debt, repurchases of the Company's common stock, and the payment of cash dividends on the Company's common stock.
Certain of the lenders under the Revolving Credit Agreement and their affiliates have provided, and may in the future provide, investment banking, underwriting, trust, or other advisory or commercial services to the Company and its subsidiaries and Affiliates.
The Revolving Credit Agreement contains certain financial covenants with respect to leverage and interest coverage, as well as customary affirmative and negative covenants, including limitations on priority indebtedness, asset dispositions and fundamental corporate changes, and certain customary events of default which could result in acceleration of amounts due. Many of these conditions and restrictions are subject, however, to certain minimum thresholds and exceptions.
This description is a summary and is qualified in its entirety by reference to the full text of the Revolving Credit Agreement, which is attached to this Current Report on Form 8-Kas Exhibit 10.1, and is incorporated by reference as though fully set forth herein.