UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 1.01 | Entry into a Material Definitive Agreement |
On May 23, 2022, GATX Corporation (the “Company”) entered into Amendment No. 1 (the “Amendment”) to its Five Year Revolving Credit Agreement (the “Credit Agreement”), dated May 21, 2021, with Citibank, N.A. and BofA Securities, Inc., as joint lead arrangers and joint book managers, the lenders party thereto, and Citibank, N.A., as administrative agent.
The Credit Agreement was unsecured and provided a credit facility to the Company in an aggregate principal amount of $600 million, with a termination date of May 21, 2026. The Credit Agreement provided the ability for the Company to request up to two extensions of the termination date by giving notice thereof to the administrative agent. The Company requested an extension and the Amendment extends the termination date to May 21, 2027. The Amendment also replaces the Eurodollar interest rate with a Term Secured Overnight Financing Rate (SOFR) and changes the applicable margin to reflect the Term SOFR benchmark. No other terms of the Credit Agreement are changed by the Amendment. For a description of the Credit Agreement, see the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on May 27, 2021.
The foregoing description of the Amendment is not complete and is qualified in its entirety by reference to the full and complete text of the Amendment, a copy of which is filed as Exhibit 10.1 hereto and incorporated by reference herein.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
On May 23, 2022, the Company entered into the Amendment described in Item 1.01 above, which information is incorporated by reference into this Item 2.03.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
SIGNATURE
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.
| GATX CORPORATION |
| (Registrant) |
| /s/ Thomas A. Ellman |
| Thomas A. Ellman |
| Executive Vice President and Chief Financial Officer |
May 26, 2022