UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On March 8, 2022, the Company and PNC Bank, National Association, as administrative agent, and the lenders party thereto, entered into the Second Amendment to Credit Agreement (the “Second Amendment”), which amended the Credit Agreement by and among Vertex, Inc., the guarantors party thereto, PNC Bank, National Association, and the lenders party thereto, dated as of March 31, 2020 (the “Credit Agreement”), providing for, among other modifications, (a) new term loans in the aggregate amount of Fifty Million Dollars ($50,000,000) (the “Term Loan”), (b) an extension of the maturity date of the revolving facility from March 2025 to March 2027, (c) an upsize in the revolving credit commitments to an aggregate amount of Two-Hundred Million Dollars ($200,000,000) (the “Line of Credit”), (d) the Company’s option to select an applicable interest rate at either the bank base rate plus an applicable margin (the “Base Rate Option”) or term SOFR plus an applicable margin (the “Term SOFR Option”), (e) modification to the financial covenant performance levels which determine applicable margins and (f) modifications to certain covenants and events of default. At March 8, 2022, the applicable margin with respect to Base Rate Option and Term SOFR Option applicable to Line of Credit and Term Loan borrowings were 0.00% and 1.00%, respectively.
Net proceeds from the Term Loan shall be used to fund ongoing working capital, capital expenditures, permitted distributions, permitted acquisitions and general corporate purposes of the Company and its subsidiaries. The Line of Credit had no outstanding borrowings at March 8, 2022.
The foregoing description of the material terms of the Second Amendment is qualified in its entirety by reference to the full text of the Second Amendment (including the Credit Agreement attached thereto as Exhibit A), a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit No. |
| Description |
10.1* | ||
104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* Filed Herewith