Item 1.01. Entry into a Material Definitive Agreement.
On June 4, 2020, Agilent Technologies, Inc. (the "Company") closed the
previously announced sale of $500 million in aggregate principal amount of its
2.100% Senior Notes due 2030 (the "Notes") in an underwritten public offering
(the "Offering"). The Notes were offered pursuant to the Company's Registration
Statement on Form S-3 (File No. 333-233593) filed with the Securities and
Exchange Commission on September 3, 2019, as supplemented by the prospectus
supplement, dated June 1, 2020.
The Notes were issued pursuant to the Indenture, dated as of September 16, 2019
(the "Indenture"), between the Company and U.S. Bank National Association, as
trustee (the "Trustee"), and the Second Supplemental Indenture, dated as of June
4, 2020, between the Company and the Trustee (the "Supplemental Indenture") with
the following principal terms.
The Notes were issued at a price to the public of 99.812% of their principal
amount. The Notes will mature on June 4, 2030 and bear interest at a fixed rate
of 2.100% per annum, payable semi-annually in arrears on June 4 and December 4
of each year, commencing on December 4, 2020. The Notes are unsecured and will
rank equally in right of payment with all of the Company's other senior
unsecured indebtedness.
The Notes are redeemable, in whole or in part at any time prior to March 4,
2030, at the Company's option, at a redemption price equal to the sum of:
(a) 100% of the aggregate principal amount of the Notes to be redeemed on the
redemption date, plus accrued and unpaid interest on such Notes up to, but not
including, the redemption date, and (b) the Make-Whole Amount (as defined in the
Supplemental Indenture). If the Notes are redeemed on or after March 4, 2030,
the redemption price will equal 100% of the aggregate principal amount of the
Notes to be redeemed on the redemption date, plus accrued and unpaid interest on
such Notes up to, but not including, the redemption date. In addition, upon the
occurrence of a Change of Control Repurchase Event (as defined in the
Supplemental Indenture), the Company will be required to make an offer to
repurchase the Notes at a price equal to 101% of their principal amount, plus
accrued and unpaid interest to, but not including, the date of repurchase.
The Indenture contains covenants that limit the ability of the Company and its
subsidiaries to incur liens, enter into sale and lease-back transactions and
consolidate, merger or sell assets, subject to certain exceptions.
The Notes are subject to customary events of default, including: (a) the
Company's failure to pay principal or premium, if any, on the Notes when due at
maturity, upon redemption or otherwise; (b) the Company's failure to pay
interest for 30 days after the interest becomes due and payable; (c) the
Company's failure to repurchase Notes tendered for repurchase following the
occurrence of a Change of Control Repurchase Event; (d) the Company's failure to
perform, or its breach of, any other covenant, warranty or agreement in the
Indenture for 90 days after either the Trustee or holders of at least 25% in
principal amount of the outstanding Notes have given the Company notice of the
default in the manner required by the Indenture; (e) specified events involving
the Company's bankruptcy, insolvency or reorganization; and (f) (1) a failure to
make any payment at maturity, including any applicable grace period, on any
indebtedness of the Company (other than indebtedness of the Company owing to any
of its subsidiaries) outstanding in an amount in excess of $100 million and
continuance of this failure to pay or (2) a default on any indebtedness of the
Company (other than indebtedness owing to any of its subsidiaries), which
default results in the acceleration of such indebtedness in an amount in excess
of $100 million without such indebtedness having been discharged or the failure,
default or acceleration having been cured, waived, rescinded or annulled, in the
case of clauses (f)(1) or (2) above.
The descriptions above are summaries and are qualified in their entirety by the
Indenture, which was filed as Exhibit No. 4.1 to the Company's Current Report on
Form 8-K dated September 16, 2019, and the Supplemental Indenture and the form
of Note, filed as Exhibits No. 4.1 and 4.2 hereto, respectively, and, in each
case, incorporated by reference herein.
Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an
Off-Balance Sheet Arrangement of a Registrant.
The information set forth above under Item 1.01 is hereby incorporated by
reference into this Item 2.03.
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
No. Description
4.1 Second Supplemental Indenture, dated as of June 4, 2020, between
the Company and U.S. Bank National Association
4.2 Form of Global Note for the Company's 2.100% Senior Notes due 2030
(contained in Exhibit 4.1)
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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