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Subsequent Event
12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
Subsequent Event

Note 22 — Subsequent Event

       

On January 28, 2021 (the “Effective Date”), we entered into the Second Amendment (the “Second Amendment”) to the Credit Agreement, dated as of June 20, 2019, by and among the Company, as borrower, the lenders party thereto and Citizens Bank, N.A., as administrative agent, as amended by the First Amendment dated September 28, 2020 (the “Credit Agreement” and as amended by the Amendment the “Amended Credit Agreement”).  

 

Pursuant to the Amendment, certain terms of the Credit Agreement were modified for a period beginning on the Effective Date to and including March 31, 2022 (unless earlier terminated by the Company in accordance with the Amended Credit Agreement, (the “Liquidity Covenant Period”).  During the Liquidity Covenant Period, we will not be subject to a maximum leverage ratio covenant but will instead be required to maintain Liquidity (as defined in the Amended Credit Agreement) of at least $250 million.  Additionally, during such period, the Company will be subject to limitations on share repurchases, cash dividends, and its ability to incur secured debt, in each case subject to certain exceptions; the applicable margin and commitment fees are increased; the incremental facility will not be available; and if the Company’s public debt rating is downgraded to (i) BB or lower by Standard & Poor’s and (ii) Ba2 or lower by Moody’s, we will be required to grant liens on certain of our assets, which liens will be released upon the Company’s public debt rating being upgraded to BB+ or higher by Standard & Poor’s or Ba1 or higher by Moody’s.  The Company’s current public debt rating is BBB-/Baa3.    

 

Additionally, the Amendment provides that the Company will not be subject to an interest coverage ratio covenant until the test period ending December 31, 2021. Finally, in connection with the Second Amendment, revolving commitments under the Amended Credit Agreement were reduced to $750 million.