LAS VEGAS, Dec. 28, 2017 /PRNewswire/ -- Switch, Inc.
(NYSE:SWCH) today announced that Switch, Ltd., along with certain
wholly owned subsidiaries, has successfully repriced its credit
facility and amended the applicable credit agreement. The repricing
has (i) reduced the interest rate margins on its existing
$600 million term loan facility by
removing the pricing grid and providing for a single reduced
interest rate margin, which is 0.50% lower than the previous
applicable rate, and (ii) modified the pricing grid on its
revolving credit facility to reduce interest rate margins by 0.50%
at each grid level.
The interest rate reduction was made through an
amendment to Switch, Ltd.'s credit agreement dated as of
June 27, 2017. The amendment also
includes an obligation for Switch, Ltd. to pay a prepayment premium
to the term loan lenders in the amount of 1.00% of the
aggregate principal amount of the term loan in the event of another
repricing transaction on or before the six-month anniversary of the
amendment. The remaining terms of the credit agreement, as amended
by the amendment, are substantially the same as the terms under the
existing credit agreement, including with respect to events of
default and loan acceleration.
ABOUT Switch
POWERING THE FUTURE OF THE CONNECTED WORLD®
Switch (NYSE: SWCH) the technology infrastructure corporation
headquartered in Las Vegas, is
built on the intelligent and sustainable growth of the internet.
Switch founder and CEO Rob Roy has
developed more than 400 issued and pending patent claims covering
data center designs that have manifested into the company's
world-renowned data centers and technology solution
ecosystems. Visit switch.com for more
information.
Investor Contact:
Irmina Blaszczyk
or Lauren Sloane
The Blueshirt Group for Switch
investorrelations@switch.com
(702) 479-3993
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SOURCE Switch, Inc.