SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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 April 2, 2021, GATX Corporation (the “Company”) entered into Amendment No. 1 (the “Amendment”) to its delayed draw term loan agreement (the “Agreement”), dated as of December 14, 2020 by and among the Company, the initial lenders named therein, Bank of America, N.A., as administrative agent, and BofA Securities, Inc., as sole lead arranger and sole book manager.
The Agreement was unsecured and provided delayed draw term loan commitments to the Company in an aggregate principal amount of $500 million, available from December 14, 2020 until April 17, 2021. The proceeds of the loans made under the Agreement (the “Advances”) were used by the Company for general corporate purposes.
Pursuant to the Amendment, among other things, the Company will reduce the aggregate principal amount outstanding from $384 million to $250 million or less, and the applicable interest rates for Advances will be reduced. For a description of the Agreement, see the Company’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on December 18, 2020.
The Agreement contained customary conditions, representations and warranties, affirmative and negative covenants (including, without limitation, limitations on liens, fundamental changes and fixed charge coverage ratio) for agreements of this type, subject to customary exceptions and thresholds.
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 April 2, 2021, 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.
|10.1||Amendment No. 1 to Delayed Draw Term Loan Agreement, dated as of December 14, 2020, among GATX Corporation, as borrower, the lenders named therein, Bank of America, N.A., as administrative agent, and BofA Securities, Inc., as sole lead arranger and sole book manager|
|104||Cover Page Interactive Data File (embedded within the Inline XBRL document)|
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.
|Thomas A. Ellman|
|Executive Vice President and Chief Financial Officer|
April 8, 2021