SS&C Technologies Holdings Inc 8-K, filed Mar 25, 2020
SS&C Technologies Holdings Inc (SSNC)
About this 8-K
SS&C Technologies Holdings Inc filed this 8-K on March 25, 2020, reporting on events of March 23, 2020.
Items reported
- Item 2.03: New debt or off-balance-sheet obligation
- Item 9.01: Financial statements and exhibits
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
Date of Report (Date of earliest event reported):
SS&C TECHNOLOGIES HOLDINGS INC.
(Exact name of Registrant as Specified in Its Charter)
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(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
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Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
As previously disclosed, SS&C Technologies Holdings, Inc. (the “Company”), together with certain indirect wholly-owned subsidiaries of the Company, are party to a Credit Agreement, amended and restated as of April 16, 2018, which provides for, among other things, a $250.0 million senior secured revolving credit facility (the “Revolving Credit Facility”). A description of the material terms of the Revolving Credit Facility is set forth in Item 2.03 of the Company’s Current Report on Form 8-K, filed with the SEC on April 16, 2018, which is incorporated in this Item 2.03 by reference.
On March 23, 2020, the Company provided notice to draw down $211 million of its available capacity under the Revolving Credit Facility as a precautionary measure in order to increase liquidity and preserve financial flexibility in light of current uncertainty resulting from the COVID-19 pandemic. The Company had drawn $35 million of its available capacity under the Revolving Credit Facility earlier in March for normal seasonal cash flow needs. The interest rates for the $35 million draw and $211 million draw on the Revolving Credit Facility are approximately 2.92% and 2.96%, respectively, each of which is calculated as LIBOR plus 2.00%. As a result of the draws on the Revolving Credit Facility and previously outstanding letters of credit, the Company does not currently have any further availability under the Revolving Credit Facility.
Item 9.01. Financial Statements and Exhibits
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Exhibits |
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The cover page from this Current Report on Form 8-K, formatted in Inline XBRL |
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 hereunto duly authorized.
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SS&C TECHNOLOGIES HOLDINGS, INC. |
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Date: March 25, 2020 |
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By: |
/s/ Patrick J. Pedonti |
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Patrick J. Pedonti |
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Senior Vice President and Chief Financial Officer |