LAS VEGAS, Dec. 28, 2017 /PRNewswire/ -- Switch, Inc. (NYSE:SWCH) today announced that Switch, Ltd., along with certain wholly owned subsidiaries, has successfully repriced its credit facility and amended the applicable credit agreement. The repricing has (i) reduced the interest rate margins on its existing $600 million term loan facility by removing the pricing grid and providing for a single reduced interest rate margin, which is 0.50% lower than the previous applicable rate, and (ii) modified the pricing grid on its revolving credit facility to reduce interest rate margins by 0.50% at each grid level.
The interest rate reduction was made through an amendment to Switch, Ltd.'s credit agreement dated as of June 27, 2017. The amendment also includes an obligation for Switch, Ltd. to pay a prepayment premium to the term loan lenders in the amount of 1.00% of the aggregate principal amount of the term loan in the event of another repricing transaction on or before the six-month anniversary of the amendment. The remaining terms of the credit agreement, as amended by the amendment, are substantially the same as the terms under the existing credit agreement, including with respect to events of default and loan acceleration.
POWERING THE FUTURE OF THE CONNECTED WORLD®
Switch (NYSE: SWCH) the technology infrastructure corporation headquartered in Las Vegas, is built on the intelligent and sustainable growth of the internet. Switch founder and CEO Rob Roy has developed more than 400 issued and pending patent claims covering data center designs that have manifested into the company's world-renowned data centers and technology solution ecosystems. Visit switch.comfor more information.
or Lauren Sloane
The Blueshirt Group for Switch
View original content with multimedia:http://www.prnewswire.com/news-releases/switch-lowers-term-loan-and-revolving-credit-facility-interest-rates-300575920.html
SOURCE Switch, Inc.