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. |
BrightView Holdings, Inc. (the “Company”), its wholly-owned subsidiary, BrightView Landscapes, LLC (the “Credit Agreement Borrower”), the other credit parties party thereto, the lenders or other financial institutions or entities party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Collateral Agent (the “Agent”), entered into Amendment No. 8 to the Credit Agreement dated as of May 28, 2024 (the “Credit Agreement Amendment”), which amends the Credit Agreement, dated as of December 18, 2013, by and among the Company, the Credit Agreement Borrower and the lenders or other financial institutions or entities from time to time party thereto and the Agent (as previously amended, the “Existing Credit Agreement”) to reduce the interest rate applicable to its currently outstanding term loans with a current aggregate outstanding principal amount of $738 million (the “Term Loans”). The Term Loans bear interest at either a base rate or Term SOFR at the election of the Credit Agreement Borrower, in each case, plus an applicable margin. The Credit Agreement Amendment, among other things, reduces the applicable margin from (i) a range, based on first lien leverage, of 2.00-2.25% for base rate loans and 3.00-3.25% for Term SOFR loans to (ii) 1.50% with respect to base rate loans and 2.50% with respect to Term SOFR loans without any leverage-based adjustment.
The Agent, certain of the lenders and certain of their respective affiliates, have provided, and in the future may provide, financial, banking and related services to the Company. These parties have received, and in the future may receive, compensation from the Company for these services. Additionally, KKR Capital Markets LLC (“KCM”), an affiliate of one of the Company’s significant shareholders, KKR BrightView Aggregator L.P. (the “KKR Stockholder”), provided services to the Company related to the Credit Agreement Amendment for which KCM is entitled to receive compensation from the Company. KCM has provided, and in the future may provide, financial, banking and related services to the Company for which it has received, and in the future may receive, compensation from the Company for these services.
The foregoing description of the Credit Agreement Amendment does not purport to be complete and is subject to, and qualified in their entirety by, the full text of the Credit Agreement Amendment filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
| Item 7.01. | Regulation FD Disclosure. |
On May 28, 2024, the Company issued a press release describing the Credit Agreement Amendment. The press release is furnished hereto as Exhibit 99.1.
This information is furnished pursuant to Item 7.01 of Form 8-K. The information in this Item 7.01 and in Exhibit 99.1 hereto shall not be treated as filed for purposes of the Securities Exchange Act of 1934, as amended. The furnishing of the information in Item 7.01 is not intended to, and does not constitute a representation that such furnishing is required by Regulation FD or that the information in this Item 7.01 is material information that is not otherwise publicly available.
| Item 9.01. | Financial Statements and Exhibits. |
| Exhibit Number |
Description | |
| 10.1 | Amendment No. 8 to Credit Agreement, dated as of May 28, 2024, by and among BrightView Holdings, Inc. BrightView Landscapes, LLC, each of the other credit parties thereto, the lenders or other financial institutions or entities party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent and Collateral Agent. | |
| 99.1 | Press Release of BrightView Holdings, Inc., dated May 28, 2024. | |
| 104.1 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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.
| BrightView Holdings, Inc. | ||
| Date: May 28, 2024 | By: | /s/ Jonathan M. Gottsegen |
| Name: | Jonathan M. Gottsegen | |
| Title: | Executive Vice President, Chief Legal Officer and Corporate Secretary | |