Term Loan
TermLoan · First Busey Corporation
Reference: Term Loan
- Original principal
- USD 60,000,000
- Outstanding
- —
- Commitment
- —
- Availability
- —
- Maturity
- May 31, 2026
Last reported interest terms: The loans have an annual interest rate of 1.75% plus the one-month LIBOR rate. Reported 2021-06-02 Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
Documents and filing history
-
Issuance
· 2021-05-28
Original principal USD 60,000,000 Exact source document
Parent 8-K filing · 2021-06-02
On May 28, 2021, First Busey Corporation (the “Company” or “First Busey”) entered into a Second Amended and Restated Credit Agreement with U.S. Bank National Association (“U.S. Bank”), dated as of May 28, 2021 (the “Second Restated Credit Agreement”), amending and restating the Amended and Restated Credit Agreement, dated as of January 29, 2019. Pursuant to the Second Restated Credit Agreement, U.S. Bank will make available to the Company (i) a $40.0 million revolving line of credit with a termination date of April 30, 2022, and (ii) a $60.0 million term loan (the “Term Loan”) with a maturity date of May 31, 2026. The loans have an annual interest rate of 1.75% plus the one-month LIBOR rate. Proceeds of the Term Loan will be used to fund a part of the cash portion of the merger consideration related to the acquisition of Cummins-American Corp. (“CAC”) and for general corporate purposes.
Issuer evidence: On May 28, 2021, First Busey Corporation (the “Company” or “First Busey”) entered into a Second Amended and Restated Credit Agreement with U.S. Bank National Association (“U.S. Bank”), dated as of May 28, 2021 (the “Second Restated Credit Agreement”), amending and restating the Amended and Restated Credit Agreement, dated as of January 29, 2019. Pursuant to the Second Restated Credit Agreement, U.S. Bank will make available to the Company (i) a $40.0 million revolving line of credit with a termination date of April 30, 2022, and (ii) a $60.0 million term loan (the “Term Loan”) with a maturity date of May 31, 2026. The loans have an annual interest rate of 1.75% plus the one-month LIBOR rate. Proceeds of the Term Loan will be used to fund a part of the cash portion of the merger consideration related to the acquisition of Cummins-American Corp. (“CAC”) and for general corporate purposes.
Supporting evidence: On May 28, 2021, First Busey Corporation (the “Company” or “First Busey”) entered into a Second Amended and Restated Credit Agreement with U.S. Bank National Association (“U.S. Bank”), dated as of May 28, 2021 (the “Second Restated Credit Agreement”), amending and restating the Amended and Restated Credit Agreement, dated as of January 29, 2019. Pursuant to the Second Restated Credit Agreement, U.S. Bank will make available to the Company (i) a $40.0 million revolving line of credit with a termination date of April 30, 2022, and (ii) a $60.0 million term loan (the “Term Loan”) with a maturity date of May 31, 2026. The loans have an annual interest rate of 1.75% plus the one-month LIBOR rate. Proceeds of the Term Loan will be used to fund a part of the cash portion of the merger consideration related to the acquisition of Cummins-American Corp. (“CAC”) and for general corporate purposes.
Supporting evidence: On May 28, 2021, First Busey Corporation (the “Company” or “First Busey”) entered into a Second Amended and Restated Credit Agreement with U.S. Bank National Association (“U.S. Bank”), dated as of May 28, 2021 (the “Second Restated Credit Agreement”), amending and restating the Amended and Restated Credit Agreement, dated as of January 29, 2019. Pursuant to the Second Restated Credit Agreement, U.S. Bank will make available to the Company (i) a $40.0 million revolving line of credit with a termination date of April 30, 2022, and (ii) a $60.0 million term loan (the “Term Loan”) with a maturity date of May 31, 2026. The loans have an annual interest rate of 1.75% plus the one-month LIBOR rate. Proceeds of the Term Loan will be used to fund a part of the cash portion of the merger consideration related to the acquisition of Cummins-American Corp. (“CAC”) and for general corporate purposes.