[8-K] Emerald Holding, Inc. Reports Material Event
Emerald Holding, Inc. disclosed that on August 13, 2025 its wholly owned subsidiary Emerald X, Inc. entered into Amendment No. 1 to its senior secured credit facilities to refinance in full the existing term loans with new term loans. Bank of America, N.A. will act as administrative agent and as the refinancing term lender. The amendment reduces the applicable margin by providing two interest alternatives: a base-rate option equal to the greatest of prime, federal funds+50bps, or one-month Term SOFR+1.00% plus 2.25% (with a 25bps stepdown if Moody's issues a public corporate family rating of at least B1), or Term SOFR+3.25% (also with a 25bps stepdown for a B1 rating). The amendment is filed as Exhibit 10.1 with certain portions redacted under Regulation S-K.
Emerald Holding, Inc. ha comunicato che il 13 agosto 2025 la sua controllata interamente posseduta, Emerald X, Inc., ha sottoscritto l'Amendment No. 1 alle sue linee di credito senior garantite per rifinanziare integralmente i prestiti a termine esistenti con nuovi term loan. Bank of America, N.A. svolger脿 il ruolo di agente amministrativo e di finanziatore per il rifinanziamento. L'emendamento riduce lo spread applicabile prevedendo due alternative di interesse: un'opzione a tasso base pari al maggiore tra prime, federal funds + 50 punti base, o Term SOFR a un mese + 1,00%, a cui si aggiunge uno spread di 2,25% (con una riduzione di 25bps se Moody's assegna un rating pubblico di famiglia aziendale di almeno B1), oppure Term SOFR + 3,25% (anch'essa con riduzione di 25bps per un rating B1). L'emendamento 猫 depositato come Exhibit 10.1 con alcune parti oscurate ai sensi del Regulation S-K.
Emerald Holding, Inc. inform贸 que el 13 de agosto de 2025 su filial de propiedad total, Emerald X, Inc., suscribi贸 la Enmienda n.潞 1 a sus facilidades de cr茅dito senior garantizadas para refinanciar por completo los pr茅stamos a plazo existentes con nuevos pr茅stamos a plazo. Bank of America, N.A. actuar谩 como agente administrador y como prestamista del refinanciamiento. La enmienda reduce el margen aplicable y ofrece dos alternativas de inter茅s: una opci贸n de tasa base igual al mayor entre prime, federal funds + 50 puntos b谩sicos, o Term SOFR a un mes + 1,00%, a la que se a帽ade un spread de 2,25% (con una reducci贸n de 25bps si Moody's otorga una calificaci贸n p煤blica de familia corporativa de al menos B1), o Term SOFR + 3,25% (tambi茅n con una reducci贸n de 25bps para una calificaci贸n B1). La enmienda se presenta como Exhibit 10.1 con ciertas secciones redactadas conforme al Regulation S-K.
Emerald Holding, Inc.電� 2025雲� 8鞗� 13鞚� 鞛愲 鞕勳爠 鞛愴殞靷澑 Emerald X, Inc.臧� 旮办〈 旮绊暅攵� 雽�於滌潉 鞁犼窚 旮绊暅攵� 雽�於滊 鞝勳暋 鞛湹鞛愴晿旮� 鞙勴暣 鞁滊媹鞏� 雼措炒 鞁犾毄鞁滌劋鞐� 雽�頃� Amendment No. 1鞚� 觳搓舶頄堧嫟瓿� 瓿奠嫓頄堨姷雼堧嫟. Bank of America, N.A.臧� 頄夓爼雽�毽澑 氚� 鞛湹鞛� 毵岅赴雽�於� 鞝滉车鞛愲靹� 鞐暊鞚� 頃╇媹雼�. 頃措嫻 靾橃爼鞎堨潃 鞝侅毄 毵堨鞚� 雮稊氅� 霊� 臧�歆� 鞚挫瀽 鞓奠厴鞚� 鞝滉车頃╇媹雼�: 旮办旮堧Μ(base-rate) 鞓奠厴鞚� prime, federal funds + 50bp, 霕愲姅 1臧滌洈 Term SOFR + 1.00% 欷� 臧�鞛� 雴掛潃 旮堧Μ鞐� 於旉皜搿� 2.25%毳� 雿旐暅 旮堧Μ(氍措敂鞀り皜 瓿店皽 旮办梾 鞁犾毄霌标笁鞙茧 斓滌唽 B1毳� 攵�鞐暊 瓴届毎 25bps 臧愲┐), 霕愲姅 Term SOFR + 3.25%(鞐嫓 B1 霌标笁 鞁� 25bps 臧愲┐). 靾橃爼鞎堨潃 鞚茧秬臧� Regulation S-K鞐� 霐半澕 牍勱车臧� 觳橂Μ霅� 靸來儨搿� Exhibit 10.1搿� 鞝滌稖霅橃棃鞀惦媹雼�.
Emerald Holding, Inc. a annonc茅 que le 13 ao没t 2025 sa filiale d茅tenue 脿 100 %, Emerald X, Inc., a sign茅 l'Amendement n掳1 脿 ses facilit茅s de cr茅dit senior garanties afin de refinancer int茅gralement les pr锚ts 脿 terme existants par de nouveaux pr锚ts 脿 terme. Bank of America, N.A. agira en tant qu'agent administratif et pr锚teur pour le refinancement. L'amendement r茅duit la marge applicable en offrant deux alternatives de taux : une option taux de base 茅gale au plus 茅lev茅 parmi prime, federal funds + 50 points de base, ou Term SOFR 脿 un mois + 1,00 %, 脿 laquelle s'ajoutent 2,25 % (avec une r茅duction de 25bps si Moody's attribue une notation publique de famille d'entreprise d'au moins B1), ou Term SOFR + 3,25 % (茅galement avec une r茅duction de 25bps pour une notation B1). L'amendement est d茅pos茅 en tant qu'Exhibit 10.1, certaines parties ayant 茅t茅 expurg茅es conform茅ment au Regulation S-K.
Emerald Holding, Inc. gab bekannt, dass ihre hundertprozentige Tochtergesellschaft Emerald X, Inc. am 13. August 2025 Amendment No. 1 zu ihren besicherten Senior-Kreditfazilit盲ten abgeschlossen hat, um die bestehenden Term Loans vollst盲ndig durch neue Term Loans zu refinanzieren. Die Bank of America, N.A. wird als Administrative Agent und als Refinanzierungs-Term-Lender fungieren. Die 脛nderung senkt die anwendbare Marge und bietet zwei Zinsalternativen: eine Base-Rate-Option, die dem h枚chsten Wert von Prime, Federal Funds + 50 Basispunkten oder einmonatigem Term SOFR + 1,00% entspricht, zuz眉glich 2,25% (mit einem Abschlag von 25bps, falls Moody's eine 枚ffentliche Corporate-Family-Rating von mindestens B1 vergibt), oder Term SOFR + 3,25% (ebenfalls mit einem 25bps-Abschlag bei einer B1-Bewertung). Die 脛nderung ist als Exhibit 10.1 eingereicht; bestimmte Teile wurden gem盲脽 Regulation S-K geschw盲rzt.
- Refinancing in full of Existing Term Loans, replacing prior obligations with newly documented term loans under Amendment No. 1
- Reduced applicable margin via the new term loan pricing alternatives, potentially lowering cash interest costs
- Defined rating-based stepdown of 25 basis points if Moody's assigns a public corporate family rating of at least B1
- Bank of America appointed as administrative agent and refinancing term lender, providing an established institutional lender role
- Creation of a direct financial obligation as disclosed in Item 2.03, documenting new debt terms for the borrower
- Exhibit 10.1 contains redacted portions pursuant to Regulation S-K, limiting full public disclosure of some amendment terms
Insights
TL;DR: The amendment refinances existing term loans and reduces margins, with rates tied to base-rate or Term SOFR and a Moody's-triggered stepdown.
The filing documents a material refinancing: the Existing Term Loans are repaid and replaced by new term loans under Amendment No. 1, with Bank of America serving as administrative agent and refinancing term lender. The new pricing offers either a base-rate spread structure or a Term SOFR-based spread, each with a 25 basis-point stepdown if a public Moody's corporate family rating of at least B1 is achieved. This change directly affects the company's cash interest profile and formalizes the debt terms in an executed amendment (Exhibit 10.1), although portions of the exhibit are redacted.
TL;DR: Debt repricing and documented stepdown tied to credit rating create a clearer interest-cost framework for the company.
The amendment sets explicit alternative pricing mechanics: (a) a variable base-rate option (greatest of prime, federal funds+50bps, or one-month Term SOFR+1.00%) plus 2.25%, or (b) Term SOFR plus 3.25%. Both alternatives include a 25bp reduction contingent on achieving a public Moody's rating of B1 or better. Bank of America will administer and provide the refinancing term loan. The documented change is material to creditors and investors as it creates the current contractual interest obligations and rating-contingent economics.
Emerald Holding, Inc. ha comunicato che il 13 agosto 2025 la sua controllata interamente posseduta, Emerald X, Inc., ha sottoscritto l'Amendment No. 1 alle sue linee di credito senior garantite per rifinanziare integralmente i prestiti a termine esistenti con nuovi term loan. Bank of America, N.A. svolger脿 il ruolo di agente amministrativo e di finanziatore per il rifinanziamento. L'emendamento riduce lo spread applicabile prevedendo due alternative di interesse: un'opzione a tasso base pari al maggiore tra prime, federal funds + 50 punti base, o Term SOFR a un mese + 1,00%, a cui si aggiunge uno spread di 2,25% (con una riduzione di 25bps se Moody's assegna un rating pubblico di famiglia aziendale di almeno B1), oppure Term SOFR + 3,25% (anch'essa con riduzione di 25bps per un rating B1). L'emendamento 猫 depositato come Exhibit 10.1 con alcune parti oscurate ai sensi del Regulation S-K.
Emerald Holding, Inc. inform贸 que el 13 de agosto de 2025 su filial de propiedad total, Emerald X, Inc., suscribi贸 la Enmienda n.潞 1 a sus facilidades de cr茅dito senior garantizadas para refinanciar por completo los pr茅stamos a plazo existentes con nuevos pr茅stamos a plazo. Bank of America, N.A. actuar谩 como agente administrador y como prestamista del refinanciamiento. La enmienda reduce el margen aplicable y ofrece dos alternativas de inter茅s: una opci贸n de tasa base igual al mayor entre prime, federal funds + 50 puntos b谩sicos, o Term SOFR a un mes + 1,00%, a la que se a帽ade un spread de 2,25% (con una reducci贸n de 25bps si Moody's otorga una calificaci贸n p煤blica de familia corporativa de al menos B1), o Term SOFR + 3,25% (tambi茅n con una reducci贸n de 25bps para una calificaci贸n B1). La enmienda se presenta como Exhibit 10.1 con ciertas secciones redactadas conforme al Regulation S-K.
Emerald Holding, Inc.電� 2025雲� 8鞗� 13鞚� 鞛愲 鞕勳爠 鞛愴殞靷澑 Emerald X, Inc.臧� 旮办〈 旮绊暅攵� 雽�於滌潉 鞁犼窚 旮绊暅攵� 雽�於滊 鞝勳暋 鞛湹鞛愴晿旮� 鞙勴暣 鞁滊媹鞏� 雼措炒 鞁犾毄鞁滌劋鞐� 雽�頃� Amendment No. 1鞚� 觳搓舶頄堧嫟瓿� 瓿奠嫓頄堨姷雼堧嫟. Bank of America, N.A.臧� 頄夓爼雽�毽澑 氚� 鞛湹鞛� 毵岅赴雽�於� 鞝滉车鞛愲靹� 鞐暊鞚� 頃╇媹雼�. 頃措嫻 靾橃爼鞎堨潃 鞝侅毄 毵堨鞚� 雮稊氅� 霊� 臧�歆� 鞚挫瀽 鞓奠厴鞚� 鞝滉车頃╇媹雼�: 旮办旮堧Μ(base-rate) 鞓奠厴鞚� prime, federal funds + 50bp, 霕愲姅 1臧滌洈 Term SOFR + 1.00% 欷� 臧�鞛� 雴掛潃 旮堧Μ鞐� 於旉皜搿� 2.25%毳� 雿旐暅 旮堧Μ(氍措敂鞀り皜 瓿店皽 旮办梾 鞁犾毄霌标笁鞙茧 斓滌唽 B1毳� 攵�鞐暊 瓴届毎 25bps 臧愲┐), 霕愲姅 Term SOFR + 3.25%(鞐嫓 B1 霌标笁 鞁� 25bps 臧愲┐). 靾橃爼鞎堨潃 鞚茧秬臧� Regulation S-K鞐� 霐半澕 牍勱车臧� 觳橂Μ霅� 靸來儨搿� Exhibit 10.1搿� 鞝滌稖霅橃棃鞀惦媹雼�.
Emerald Holding, Inc. a annonc茅 que le 13 ao没t 2025 sa filiale d茅tenue 脿 100 %, Emerald X, Inc., a sign茅 l'Amendement n掳1 脿 ses facilit茅s de cr茅dit senior garanties afin de refinancer int茅gralement les pr锚ts 脿 terme existants par de nouveaux pr锚ts 脿 terme. Bank of America, N.A. agira en tant qu'agent administratif et pr锚teur pour le refinancement. L'amendement r茅duit la marge applicable en offrant deux alternatives de taux : une option taux de base 茅gale au plus 茅lev茅 parmi prime, federal funds + 50 points de base, ou Term SOFR 脿 un mois + 1,00 %, 脿 laquelle s'ajoutent 2,25 % (avec une r茅duction de 25bps si Moody's attribue une notation publique de famille d'entreprise d'au moins B1), ou Term SOFR + 3,25 % (茅galement avec une r茅duction de 25bps pour une notation B1). L'amendement est d茅pos茅 en tant qu'Exhibit 10.1, certaines parties ayant 茅t茅 expurg茅es conform茅ment au Regulation S-K.
Emerald Holding, Inc. gab bekannt, dass ihre hundertprozentige Tochtergesellschaft Emerald X, Inc. am 13. August 2025 Amendment No. 1 zu ihren besicherten Senior-Kreditfazilit盲ten abgeschlossen hat, um die bestehenden Term Loans vollst盲ndig durch neue Term Loans zu refinanzieren. Die Bank of America, N.A. wird als Administrative Agent und als Refinanzierungs-Term-Lender fungieren. Die 脛nderung senkt die anwendbare Marge und bietet zwei Zinsalternativen: eine Base-Rate-Option, die dem h枚chsten Wert von Prime, Federal Funds + 50 Basispunkten oder einmonatigem Term SOFR + 1,00% entspricht, zuz眉glich 2,25% (mit einem Abschlag von 25bps, falls Moody's eine 枚ffentliche Corporate-Family-Rating von mindestens B1 vergibt), oder Term SOFR + 3,25% (ebenfalls mit einem 25bps-Abschlag bei einer B1-Bewertung). Die 脛nderung ist als Exhibit 10.1 eingereicht; bestimmte Teile wurden gem盲脽 Regulation S-K geschw盲rzt.
FAQ
What did Emerald Holding (EEX) report in this 8-K?
Who is the administrative agent and refinancing term lender in the amendment?
What are the interest rate options under the new term loans?
Does this filing create a new financial obligation for Emerald Holding (EEX)?
Are the amendment documents fully public in the filing?
