Summary
Boston Scientific Corporation (BSX) filed an 8-K on November 13, 2007, reporting material definitive agreements. Specifically, the company amended its Credit and Security Agreement and Receivables Sale Agreement, both originally dated August 16, 2002. These amendments involve significant changes to its financing structure. The key change is the replacement of Wachovia Bank, National Association with The Royal Bank of Canada as both a lender and the administrative agent under the Credit and Security Agreement. Additionally, a new special obligor has been added to enhance funding availability. The amendments also incorporate previous changes and make other modifications to the existing facilities.
Key Highlights
- 1Amendment to Credit and Security Agreement dated August 16, 2002.
- 2Amendment to Receivables Sale Agreement dated August 16, 2002.
- 3The Royal Bank of Canada replaces Wachovia Bank, National Association as lender and administrative agent.
- 4Addition of a special obligor to increase funding availability.
- 5Incorporation of prior amendments into the agreements.
- 6Filing includes forms of the Amended and Restated Credit and Security Agreement (Exhibit 10.1) and Amended and Restated Receivables Sale Agreement (Exhibit 10.2).
Frequently Asked Questions
This 8-K filing is to report material definitive agreements. Boston Scientific Corporation has amended its Credit and Security Agreement and Receivables Sale Agreement.
The Royal Bank of Canada has replaced Wachovia Bank, National Association as the administrative agent under the Credit and Security Agreement.
The amendments are designed to increase funding availability by adding a special obligor to the Credit and Security Agreement.
The company amended its Credit and Security Agreement and its Receivables Sale Agreement, both originally dated August 16, 2002.