UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Section 1 – Registrant’s Business and Operations
Item 1.01. Entry into a Material Definitive Agreement
Effective March 31, 2021, ACCO Brands Corporation (the “Company”) entered into a Fifth Amendment (the “Fifth Amendment”) to its Third Amended and Restated Credit Agreement, as amended (the “Credit Agreement”) among the Company, certain subsidiaries of the Company, Bank of America, N.A., as administrative agent, and the other lenders party thereto. Pursuant to the Fifth Amendment, the Credit Agreement was amended to, among other things:
| · | extend the maturity date from May 23, 2024 to March 31, 2026; |
| · | modify the maximum net leverage ratio financial covenant such that for the fiscal quarter ending September 30, 2022 and thereafter, the maximum net leverage ratio is set at 4.00:1.00; |
| · | reflect more favorable pricing at higher net leverage ratio levels, resulting in a 25 basis point reduction in the applicable rate on outstanding loans than was in effect prior to the Fifth Amendment based on the Company’s current consolidated leverage ratio, along with lower fees on undrawn amounts; and |
| · | eliminate the LIBOR rate floor for U.S. Dollar loans. |
The foregoing summary of the Fifth Amendment does not purport to be complete and is qualified in its entirety by reference to the Fifth Amendment, a copy of which is filed as Exhibit 10.1 and incorporated by reference herein.
Section 9 – Financial Statements and Exhibits
Item 9.01 – Financial Statements and Exhibits
| (d) | Exhibits |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
| 2 |
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.
| ACCO BRANDS CORPORATION (Registrant) | ||
| Date: March 31, 2021 | ||
| By: | /s/Neal V. Fenwick | |
| Neal V. Fenwick | ||
| Executive Vice President and Chief Financial Officer | ||
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