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 September 3, 2021, Paycor, Inc. (the “Borrower”), Pride Guarantor, Inc. (“Holdings”) and certain other subsidiaries of Paycor HCM, Inc. (the “Company”) entered into an amendment (the “Amendment”) to the Credit Agreement, dated as of June 11, 2021, by and between the Borrower, Holdings, the other subsidiaries party thereto, the lenders party thereto and PNC Bank, National Association, as administrative agent and collateral agent (the “Credit Agreement”). The Amendment provides for an increase in the size of the revolving credit facility from $100 million to $200 million. The loans under the Amendment have variable interest rates. No other significant terms of the Credit Agreement were changed in connection with the Amendment.
The lenders under the Credit Agreement and/or their affiliates have in the past performed, and may in the future from time to time perform, investment banking, financial advisory, lending and/or commercial banking services, or other services for the Company and its subsidiaries, for which they have received, and may in the future receive, customary compensation and expense reimbursement.
The foregoing description of the Amendment does not purport to be complete and is 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 on Form 8-K.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth above in Item 1.01 of this Current Form on Form 8-K is incorporated by reference into this Item 2.03.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit No. |
Description of Exhibit | |
| 10.1* | Amendment No. 1 to the Credit Agreement, dated September 3, 2021, by and between Paycor, Inc., Pride Guarantor, Inc., the subsidiaries party thereto, the lenders party thereto and PNC Bank, National Association, as administrative agent and collateral agent. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
| * | Exhibits and schedules have been omitted pursuant to Item 601(a)(5) of Regulation S-K and will be provided on a supplemental basis to the Securities and Exchange Commission upon request. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PAYCOR HCM, INC. | ||||||
| Date: September 3, 2021 | By: | /s/ Alice Geene | ||||
| Name: | Alice Geene | |||||
| Title: | Chief Legal Officer and Secretary | |||||