UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| ITEM 1.01 | Entry Into A Material Definitive Agreement |
On March 9, 2020, GATX Corporation (“GATX”, “we”, “us” or “our”) entered into a senior unsecured term loan credit agreement for a principal amount of up to $500 million with Morgan Stanley Senior Funding, Inc. as Administrative Agent, and the other Lenders that are party thereto (the “Credit Facility”). Any borrowings under the Credit Facility will mature 364 days after the effective date of the Credit Facility. The interest rate applicable to borrowings under the Credit Facility will vary based on prevailing market rates and our credit ratings and interest elections.
The Credit Facility contains customary representations and warranties and affirmative and negative covenants, including a financial covenant related to our fixed charge coverage ratio. As is customary in such financings, the lenders may terminate their commitments, accelerate the repayment of amounts outstanding and exercise other remedies upon the occurrence of an event of default, subject to the expiration of any applicable cure period.
The administrative agent, joint lead arrangers and certain other lenders under the Credit Facility and their respective affiliates have performed or may in the future perform various commercial banking, lending, investment banking, financial advisory, trustee, hedging or other services for us and our affiliates, for which they have received or will receive fees and reimbursement of expenses.
The description above is a summary of the Credit Facility and is qualified in its entirety by the complete text of the agreement, a copy of which is attached to this report as Exhibit 10.1 and incorporated herein by reference.
| ITEM 2.03. | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant |
On 9, 2020, we entered into the Credit Facility described in Item 1.01 above, which information is incorporated by reference into this Item 2.03
| ITEM 9.01 | Financial Statements and Exhibits |
(d) Exhibits.
| 10.1 |
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| 104 |
Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURE
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, thereunto duly authorized.
| GATX CORPORATION |
| (Registrant) |
| /s/ Thomas A. Ellman |
| Thomas A. Ellman |
| Executive Vice President, Chief |
| Financial Officer |
| (Duly Authorized Officer) |
Date: March 9, 2020