Item 1.01 Entry Into a Material Definitive Agreement.
Amendment to Term Credit Agreement
On March 6, 2023, Skyworks Solutions, Inc. (the “Company”) entered into a First Amendment (the “Term Loan Amendment”) with the lenders party thereto and JPMorgan Chase Bank, N.A., as the administrative agent (in such capacity, the “Term Loan Administrative Agent”), which amends the Term Credit Agreement, dated as of May 21, 2021, by and among the Company, the lenders party thereto and the Term Loan Administrative Agent (as so amended, the “Term Credit Agreement”).
Pursuant to the terms of the Term Loan Amendment, the parties thereto agreed to replace the LIBOR-based interest rate and related LIBOR-based mechanics applicable to borrowings under the Term Credit Agreement with an interest rate based on the secured overnight financing rate (“SOFR”) (including a customary spread adjustment) and related SOFR-based mechanics.
The foregoing description of the terms of the Term Loan Amendment and the Term Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Term Loan Amendment (which includes the Term Credit Agreement as an exhibit). A copy of the Term Loan Amendment is filed as Exhibit 10.1 and incorporated by reference into this Item 1.01.
Amendment to Revolving Credit Agreement
On March 6, 2023, the Company entered into a First Amendment (the “Revolver Amendment”) with JPMorgan Chase Bank, N.A., as the administrative agent (in such capacity, the “Revolver Administrative Agent”), which amends the Revolving Credit Agreement, dated as of May 21, 2021, by and among the Company, the borrowing subsidiaries party thereto, the lenders party thereto and the Revolver Administrative Agent (as so amended, the “Revolving Credit Agreement”).
Pursuant to the terms of the Revolver Amendment, the parties thereto agreed to replace the LIBOR-based interest rate and related LIBOR-based mechanics applicable to borrowings under the Revolving Credit Agreement with a SOFR-based interest rate (including a customary spread adjustment) and related SOFR-based mechanics.
The foregoing description of the terms of the Revolver Amendment and the Revolving Credit Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Revolver Amendment (which includes the Revolving Credit Agreement as an exhibit). A copy of the Revolver Amendment is filed as Exhibit 10.2 and incorporated by reference into this Item 1.01.