HCA HEALTHCARE, INC. : Entry into a Material Definitive Agreement, Financial Statements and Exhibits (form 8-K)
Originally Published: Jan 4, 2023 | Republished: Jan 5, 2023
Item 1.01 Entry into a Material Definitive Agreement.
On January 4, 2023, HCA Inc. (the “Borrower”), a direct, wholly-owned subsidiary of HCA Healthcare, Inc., amended and restated its senior secured credit facility (the “Cash Flow Credit Facility”) to,
among other things, replace the existing revolving credit commitments of $2.0 billion with a new tranche of revolving credit commitments of $3.5 billion maturing on June 30, 2026,
and replace the London Inter-Bank Offered Rate (“LIBOR”) with the term secured overnight financing rate (“Term SOFR”) as the reference rate available for outstanding and future loans made under the Cash Flow Credit Facility.
On the same date, the Borrower also amended and restated its $4.5 billion senior secured asset-based revolving credit facility (the “ABL Credit Facility”) to, among other things, replace LIBOR with Term SOFR as the reference rate available for outstanding and future loans made under the ABL Credit Facility.
The credit spread adjustment applicable to loans bearing interest at a rate based on Term SOFR will be 0.10% per annum.
The replacement of LIBOR with Term SOFR with respect to outstanding LIBOR-based loans under the Cash Flow Credit Facility and ABL Credit Facility will occur at the end of the current interest periods for such outstanding loans.
On the same date, the Borrower incurred additional revolving loans under the ABL Credit Facility and applied the proceeds, together with cash on hand, to pay off in full the $492.5 million of outstanding Tranche B term loans under the Cash Flow Credit Facility.
The Borrower did not otherwise incur additional indebtedness in connection with the foregoing amendments.
The foregoing descriptions of amendments to the Cash Flow Credit Facility and ABL Credit Facility are qualified in their entirety by the terms of the applicable agreements.
Please refer to such agreements, which are incorporated herein by reference and attached hereto as Exhibits 4.1 and 4.2.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits:
Exhibit
No. Description
4.1* Restatement Agreement dated as of January 4, 2023, by and among HCA
Inc., as borrower, the guarantors party thereto, Bank of America,
N.A., as administrative agent and collateral agent, and the lenders
party thereto
4.2* Amendment No. 1 to Credit Agreement dated as of January 4, 2023, by
and among HCA Inc., as parent borrower, the subsidiary borrowers party
thereto, Bank of America, N.A., as administrative agent and collateral
agent, and the lenders party thereto
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
* Certain schedules and exhibits have been omitted. The Registrant agrees to furnish supplementally a copy of any omitted schedule or exhibit to the SEC upon request.