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AGILENT TECHNOLOGIES, INC. 8-K Report, Material Agreement (Apr 20, 2020)

Filed April 20, 2020For Securities:A

Summary

Agilent Technologies, Inc. (Agilent) announced on April 20, 2020, that it entered into Amendment No. 3 to its Credit Agreement on April 17, 2020. This amendment provides Agilent with the option to extend the maturity date of its revolving credit facilities and term loans by up to one year, subject to lender consent. This move offers flexibility in managing its debt obligations, particularly relevant in the uncertain economic environment of April 2020. Additionally, Agilent held its Annual Meeting of Stockholders on April 17, 2020, where shareholders re-elected four directors and approved the 2020 Employee Stock Purchase Plan and the compensation of named executive officers. The company also ratified the appointment of PricewaterhouseCoopers LLP as its independent registered public accounting firm for fiscal year 2020. The strong turnout and overwhelming support for these proposals indicate shareholder confidence in the company's governance and operations.

Key Highlights

  • 1Agilent amended its Credit Agreement to provide an option to extend debt maturity dates by up to one year, offering financial flexibility.
  • 2The extension of maturity dates for revolving credit and term loans is contingent on the consent of a majority of the respective lenders.
  • 3Four directors were re-elected to three-year terms at the Annual Meeting of Stockholders.
  • 4The Agilent Technologies, Inc. 2020 Employee Stock Purchase Plan was approved by shareholders.
  • 5Shareholders approved a non-binding advisory vote on the compensation of named executive officers.
  • 6PricewaterhouseCoopers LLP was ratified as the company's independent auditor for fiscal year 2020.

Frequently Asked Questions

The primary purpose of Amendment No. 3 is to give Agilent the option to extend the maturity dates of its revolving credit borrowings, swingline loans, and 2019 incremental term loans by up to one year. This provides the company with greater flexibility in managing its debt structure.

Extending the maturity dates requires the consent of lenders holding more than 50% of the aggregate revolving credit exposures and unused revolving commitments (for revolving borrowings and swingline loans) and lenders holding more than 50% of the aggregate unpaid principal amount of 2019 incremental term loans (for those specific term loans). The extension is only binding on the consenting lenders.

At the Annual Meeting, shareholders re-elected four directors, approved the 2020 Employee Stock Purchase Plan, and supported the compensation of named executive officers through a non-binding vote. They also ratified the appointment of PricewaterhouseCoopers LLP as the independent auditor for fiscal year 2020.

A total of 271,116,086 shares of Common Stock, representing approximately 87% of the shares outstanding, were represented at the Annual Meeting, indicating strong shareholder participation.