Examples of 2016 Incremental Term Loans in a sentence
As a result of the Repricing Amendment, the interest rate on the outstanding $990 million 2016 Incremental Term Loans and the Revolving Credit Loans (each as defined in the Credit Facilities) was reduced and, effective as of the Effective Date, bears interest at a rate equal to, at Vistra Operations’ option, either LIBOR plus an applicable margin of 2.25% or a base rate plus an applicable margin of 1.25%.
The 2016 Incremental Term Loans are prepayable at any time without premium or penalty; provided that there will be a 1.00% pre-payment premium in connection with any repricing of such term loans that reduces the interest rate prior to February 17, 2018.
The 2016 Incremental Term Loans will also be subject to a 25 basis points step down if a corporate family rating of Ba1 or better is assessed by Moody’s.
On December 14, 2016, Vistra Operations obtained (i) $1 billion aggregate principal amount of incremental term loans, which we refer to as the 2016 Incremental Term Loans, and together with the Initial Term Loan B Facility, the Term Loan B Facility, and (ii) $110 million of incremental revolving credit commitments, which we refer to as the 2016 Incremental Revolving Credit Commitments, and together with the Initial Revolving Credit Facility, the Revolving Credit Facility.
The Borrower hereby consents to the assignment by the 2016 Incremental Term Loan Lender of all or a portion of its 2016 Incremental Term Loans to any bank, financial institution or other investor identified by any Agent in writing to the Borrower on or prior to the date hereof in connection with the syndication process for the 2016 Incremental Term Loans.