Item 1.01 Conclusion of a Material Definitive Agreement.
Term Credit Agreement
The borrowing rates under the Credit Agreement depend on Ecolab’s credit ratings and are, at Ecolab’s option, whether the loan is a SOFR Term Loan, a Simple SOFR Loan daily or a base rate loan, each as defined in the credit agreement. SOFR term loans will bear interest at an adjusted forecast term rate based on the Guaranteed Overnight Funding Rate (“SOFR”) as administered by
The credit agreement contains a financial clause that requires Ecolab to maintain a minimum interest expense coverage ratio, measured at the end of each four-quarter period. The credit agreement also contains the usual financing conditions, events of default, positive and negative covenants, including restrictions on liens and collateral debts.
In the normal course of their respective operations, one or more of the Lenders under the Credit Agreement, or their affiliates, have or may have various relationships with Ecolab and its subsidiaries involving the provision of financial services, including the management of treasury, investment banking and trust services, for which they have received, or will receive, customary fees and expenses.
The foregoing description is not intended to be complete and is qualified in its entirety by reference to the full text of the Credit Agreement, which is incorporated herein by reference and attached as Exhibit 10.1 hereto.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth above in Section 1.01 is hereby incorporated by reference into this Section 2.03.
Item 9.01 Financial statements and supporting documents.
(d) Exhibits. Exhibit No. Description Method of Filing (10.1) Term Credit Agreement, dated Filed herewith electronically. November 19, 2021, by and among Ecolab Inc., the financial institutions party thereto as Banks from time to time, and JP Morgan Chase Bank, N.A., as administrative agent . (104) Cover Page Interactive Data File. Embedded within the Inline XBRL document.
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