UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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Emerging growth company
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| Item 1.01 | Entry into a Material Definitive Agreement |
On October 30, 2019, National Oilwell Varco, Inc. (the “Company) entered into an Amendment No. 1 to the 5-Year Credit Agreement among the Company, Wells Fargo Bank, National Association, as Administrative Agent, and the lenders party thereto (the “Amendment”) in order to effect, among other things, the amendments described below.
The Amendment amends the 5-Year Credit Agreement dated as of June 27, 2017 by and among the Company, as borrower, Wells Fargo Bank, National Association, as Administrative Agent and the lenders party thereto (the “Credit Agreement”) to, among other things, (i) extend the maturity date of the revolving credit facility from June 27, 2022 to October 30, 2024, (ii) decrease the revolving credit facility from $3,000,000,000 (with a $1,000,000,000 accordion) to $2,000,000,000 (with a $1,000,000,000 accordion), (iii) reduce the letter of credit sublimit from $1,000,000,000 to $750,000,000, (iv) permit the Company to elect to have Fitch ratings included in the pricing grid, and (v) make certain other changes to the Credit Agreement, including, without limitation, an update to (a) the LIBOR replacement language, (b) sanctions, anti-terrorism, anti-corruption and anti-money laundering provisions consistent with the Administrative Agent’s internal policies and (c) add provisions concerning qualified financial contracts, division/plan of division and beneficial ownership.
The foregoing summary of the Amendment does not purport to be complete and is qualified in its entirety by reference to the text of the Amendment filed as Exhibit 10.1 to this Form 8-K and 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 disclosure required by this item and contained in Item 1.01 above in this Form 8-K is incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
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Description | |||
| 10.1 |
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| 104 |
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) | |||
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 thereunto duly authorized.
| NATIONAL OILWELL VARCO, INC. | ||
| By: |
/s/ Brigitte M. Hunt | |
| Brigitte M. Hunt Vice President | ||
Date: November 4, 2019