TD SYNNEX CORP: Signing Significant Final Agreement, Financial Statements and Supporting Documents (Form 8-K)

Item 1.01 Conclusion of a Material Definitive Agreement.

At 22 December 2021, SYNNEX TD Company (“TD SYNNEX”), its subsidiaries which are the initiators and its subsidiary – SIT finance company (“SIT”) – who is the Borrower hereunder, has amended TD SYNNEX’s accounts receivable securitization program (the “Trade Receivables Securitization”) by entering into (i) a Fifth Financing Agreement and Amended and Restated Debt Administration (the “New Financing Agreement”) with the financial institutions party to it as lenders and managing agents and The Toronto-Dominion Bank, as administrative agent (the ‘”Agent”), and (ii) the Twentieth Amendment to the Third Amended and Updated Sales and Receivables Management Agreement with the institutions which are parties thereto as Lenders and Managing Agents (collectively, the ” securitization amendment ”). The new financing agreement modifies and reformulates the fourth modified and updated financing and receivables administration agreement of the company dated November 12, 2010 between SIT, the financial institutions which are parties to it as lenders and managing agents, and the administrative agent who is a party to it.

Among others, the changes brought about by the securitization amendment include the extension of the due date of the trade receivables securitization to
20 December 2024 and fixing the loan commitment of the lenders to the SIT at
$ 1,500 million. The actual cost of borrowing for the securitization of trade receivables has also been modified by adjustments to (i) program fees payable on the used portion of the lenders’ commitment, which will now accumulate at 0.75 % per annum and (ii) the facility fees payable on the adjusted lender commitment, which will now accumulate at different levels ranging from 0.30% per annum to 0.40% per annum depending on the amount of the advances unpaid from time to time.

The foregoing description of the securitization amendment is qualified in its entirety by reference to the securitization amendment which is attached hereto and filed as Exhibits 10.1 and 10.2 of this current report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial statements and supporting documents.

(d) Exhibits.

Exhibit No.   Description

10.1            Fifth Amended and Restated Receivables Funding and Administration
              Agreement, dated as of December 22, 2021, by and among SIT Funding
              Corporation, TD SYNNEX Corporation, the lenders party thereto and
              The Toronto-Dominion Bank, as agent.
10.2            Twentieth Amendment to Third Amended and Restated Receivables Sale
              and Servicing Agreement, dated as of December 22, 2021, by and among
              TD SYNNEX Corporation, SIT Funding Corporation, Westcon Group North
              America, Inc., the originators party thereto, the lenders party
              thereto, and The Toronto-Dominion Bank, as agent.
104           Cover Page Interactive Data File (embedded within the Inline XBRL


————————————————– ——————————

© Edgar online, source Previews

Source link

Comments are closed.