UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.02 | Termination of a Material Definitive Agreement |
On February 6, 2023, ADVA Optical Networking SE (“ADVA”), a subsidiary of ADTRAN Holdings, Inc. (the “Company”), terminated the Loan Agreement, dated September 25, 2018, by and among ADVA, Bayerische Landesbank, and Deutsche Bank Luxembourg S.A. (the “Loan Agreement”), which had provided ADVA with a term loan of €65.0 million and a revolving credit facility of credit of €10 million (collectively, the “credit facilities”). All outstanding borrowings under the credit facilities, including €33.0 million in principal amount of indebtedness outstanding at the time of termination, were repaid by ADVA in connection with the termination of the Loan Agreement. The credit facilities had been due to mature in September 2023, with an interest rate that was adjusted periodically based on a defined leverage ratio and was EURIBOR plus 1.35% for the term loan and EURIBOR plus 1.0% for the revolving credit facility as of December 31, 2022. The outstanding obligations under the Loan Agreement were paid off using the proceeds of a draw of $120 million by the Company under its Credit Agreement, dated July 18, 2022, by and among the Company, ADTRAN, Inc. and Wells Fargo Bank, National Association (the “Wells Fargo Credit Agreement”), which increased the principal amount of the Company’s borrowings under the Wells Fargo Credit Agreement to $187.5 million. ADVA incurred termination penalties of €18.2 thousand in connection with the early termination of the Loan Agreement.
| Item 9.01 | Financial Statements and Exhibits |
(d) Exhibits. The following exhibits are filed with this report:
| Exhibit No. |
Description | |
| 104 | Cover Page Interactive Data File - the cover page iXBRL tags are embedded within the Inline XBRL document. | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: February 8, 2023 | ADTRAN Holdings, Inc. | |||||
| By: | /s/ Michael Foliano | |||||
| Michael Foliano | ||||||
| Chief Financial Officer | ||||||