International Business Machines Corp. and IBM Credit LLC entered into a new 364-day, $2.5 billion loan agreement with several banks and other financial institutions on July 2. Leveraged Loans Survey 2021: Defaults on the rise; Credit quality is an issue The companies have also extended the term of the existing $2.5 billion amended and adjusted three-year loan agreement dated July 19, 2018 between borrowers, various banks and other financial institutions, JPMorgan Chase Bank NA as managing agent, BNP Paribas, Citibank NA, Royal Bank of Canada and Mizuho Bank Ltd., as syndication agents and documentation agents, according to an SEC filing dated July 2. On July 6, 2012, we entered into a loan agreement with JPMorgan Chase Bank as managing agent and a consortium of 12 lenders, which we call the 364-day credit facility. The amended loan agreement has terms consistent with the initial 364-day credit facility. The new 364-day loan agreement allows IBM and its entity to run up to $2.5 billion at any time during the term of the agreement. Danaher has entered into a new $2.5 billion revolving credit facility (the “Credit Facility”) of $2.5 billion with Bank of America, N.A., as managing agent, replacing the existing 364-day,5.0 billion credit revolving credit facility closed on August 27, 2019 (the “2019 364-day credit facility”) with Bank of America, N.A. as managing agent and consortium of lenders involved. At the time of its replacement by the Credit Facility, there were no outstanding amounts under the 364-day Credit Facility of 2019. The credit facility works on 5. June 2021 (the “Proposed Termination Date”).
Danaher may, upon payment of a commission equal to 0.75% of the nominal amount of the loans then outstanding and after certain conditions have been met, choose to convert all loans outstanding on the proposed termination date into term loans due and payable one year after the scheduled termination date. .