Hydrofarm amends credit agreement to incorporate SOFR

By Wendy Van Sickle

Columbus, Ohio, July 3 – Hydrofarm Holdings Group, Inc. amended its credit and guaranty agreement originally entered on Oct. 25, 2021 with JPMorgan Chase Bank, NA as administrative agent to incorporate SOFR to replace Libor, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement provides for a $125 million senior secured term loan. Loans now bear interest at adjusted term SOFR with a 1% floor plus 550 basis points.

The amendment took place on June 27.

The borrower, a distributor and manufacturer of controlled environment agriculture equipment and supplies, is based in Fairless Hills, Pa.

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