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. |
On June 24, 2021, Aptiv PLC (the “Company”) and its wholly-owned subsidiaries, Aptiv Corporation and Aptiv Global Financing Limited, entered into a Third Amended and Restated Credit Agreement (the “Third Amended and Restated Credit Agreement”), which restates the credit agreement dated as of March 31, 2011, amended and restated as of May 17, 2011, as of September 14, 2012, as of March 1, 2013, as of August 17, 2016 and as of May 1, 2020 with JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders as parties thereto.
The Third Amended and Restated Credit Agreement, among other things, (1) refinances and replaces the existing term loan A and revolver with a new term loan A in an aggregate principal amount of $313 million that matures in five years, and a new five-year revolving credit facility with aggregate commitments of $2.0 billion, (2) utilizes the Company’s existing sustainability-linked metrics and commitments, that, if achieved, would reduce the overall cost, (3) removes the prior provisions that increased the leverage ratio maintenance covenant from 3.5:1 to 4.5:1 until July 1, 2021 and the related restrictions on dividends and other payments on equity, and (4) includes a financial maintenance covenant that will be tested quarterly and requires the Company to maintain total net leverage (as calculated in accordance with the Third Amended and Restated Credit Agreement) of less than 3.5:1 (or 4.0:1 for four full fiscal quarters following completion of material acquisitions).
The Company has no material relationships with any of the lenders under the Third Amended and Restated Credit Agreement, except that affiliates of certain lenders have acted as underwriters in connection with offerings by the Company.
The description of the Third Amended and Restated Credit Agreement contained herein is qualified in its entirety by reference to the Third Amended and Restated Credit Agreement, a copy of which is included as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| 1.1 | Third Amended and Restated Credit Agreement, dated as of June 24, 2021, among Aptiv PLC, Aptiv Corporation, Aptiv Global Financing Limited and JPMorgan Chase Bank, N.A., as Administrative Agent, and the lenders party thereto. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: June 25, 2021 | Aptiv PLC | |||||
| By: | /s/ Katherine H. Ramundo | |||||
| Katherine H. Ramundo | ||||||
| Senior Vice President, Chief Legal Officer, | ||||||
| Chief Compliance Officer and Secretary | ||||||