Methode Electronics amends credit facility Libor transition provisions

By Marisa Wong

Los Angeles, Dec. 16 – Methode Electronics, Inc. entered into a first amendment on Dec. 10 to its amended and restated credit agreement dated Sept. 12, 2018 with Wells Fargo Bank, NA as letter-of-credit issuer and Bank of America, NA as administrative agent, swingline lender and LoC issuer, according to an 8-K filing with the Securities and Exchange Commission.

The amendment provides, among other things, that upon the occurrence of some events, the interest rate calculation method will generally transition from Libor to the following: SOFR on applicable U.S. dollar denominated borrowings, Euribor for borrowings denominated in euros, Sonia for borrowings denominated in pounds sterling, Saron for borrowings denominated in Swiss francs, the Sibor for borrowings denominated in Singapore dollars, CDOR for borrowings denominated in Canadian dollars, Tibor for borrowings denominated in Japanese yen, BBSY for borrowings denominated in Australian dollars, Stibor for borrowings denominated in Swedish krona and Hibor for borrowings denominated in Hong Kong dollars.

Chicago-based Methode designs, manufactures and markets electronic components.

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