Allegro MicroSystems Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation, Financial Statements and Exhibits
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SECURITIES AND EXCHANGE COMMISSION
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FORM
CURRENT REPORT
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Item 1.01 Entry into a Material Definitive Agreement.
On February 6, 2025, Allegro MicroSystems, Inc. (the “Company”, “our” or “us”) entered into an Amendment No. 3 (the “Third Amendment”) to the Credit Agreement, dated as of June 21, 2023 (as amended by Amendment No. 1, dated as of October 31, 2023, Amendment No. 2, dated as of August 6, 2024 and as further amended, restated, supplemented or otherwise modified, refinanced or replaced from time to time, the “Credit Agreement”), by and among the Company, Allegro MicroSystems, LLC, the lending institutions from time to time party thereto Morgan Stanley Senior Funding, Inc. as the Administrative Agent and the Collateral Agent. Capitalized terms used herein, but not otherwise defined herein, are as defined in the Credit Agreement as amended by the Third Amendment.
The Third Amendment provides for a new $375 million tranche of term loans maturing in 2030 (the “Refinanced Loans”), the proceeds of which will be used, in relevant part, to (i) refinance all outstanding Existing Amendment No. 2 Term Loans, (ii) pay fees and expenses in connection with the foregoing and (iii) for general corporate purposes. The Refinanced Loans will amortize at a rate of 0.00% per annum. The Refinanced Loans will bear interest, at the Company’s option, at a rate equal to (i) Term SOFR (as defined in the Credit Agreement) in effect from time to time plus 2.00% or (ii) the highest of (x) the Federal funds rate, as published by the Federal Reserve Bank of New York, plus 0.50%, (y) the prime lending rate or (z) the one-month Term SOFR plus 1.00% in effect from time to time plus 1.00%. The Refinanced Loans will mature on October 31, 2030.
The foregoing description of the Third Amendment is qualified in its entirety by reference to the complete text of the Third Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 of this Current Report on Form 8-K is hereby incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
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Description |
10.1 |
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104 |
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Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
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.
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ALLEGRO MICROSYSTEMS, INC. |
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Date: February 6, 2025 |
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By: |
/s/ Derek P. D'Antilio |
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Derek P. D'Antilio |
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Executive Vice President, Chief Financial Officer and Treasurer |