Summary
Motorola Solutions, Inc. (MSI) filed an 8-K on February 9, 2023, reporting a material definitive agreement. The company entered into the First Amendment to its Revolving Credit Agreement, originally dated March 24, 2021. This amendment's primary purpose was to transition the benchmark interest rate from LIBOR to SOFR. All other material terms of the existing Credit Agreement remain unchanged. This is a routine update reflecting industry-wide shifts away from LIBOR due to its discontinuation and is not expected to have a material operational or financial impact on the company beyond the rate change itself.
Key Highlights
- 1MSI entered into a First Amendment to its Revolving Credit Agreement.
- 2The amendment's effective date was February 8, 2023.
- 3The key change is the replacement of the interest rate benchmark from LIBOR to SOFR.
- 4The Credit Agreement's other material terms remain unchanged.
- 5This change is in line with the broader industry's transition away from LIBOR.
- 6The filing includes the First Amendment as Exhibit 10.1 and the Cover Page Interactive Data File.