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Gartner amends credit agreement related to CEB acquisition

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Gartner amends credit agreement related to CEB acquisition

Gartner Inc. amended its existing credit agreement and guarantee and collateral agreement in relation to its proposed acquisition of CEB Inc., a provider of best practice and talent management insights.

The amendment enables Gartner to enter into certain additional credit facilities and to issue certain debt securities to finance the merger consideration, to repay and redeem certain outstanding debt of CEB and its units, and to pay certain expenses related to the merger.

In addition, the amendment included changes to certain terms to permit Gartner to close the merger and facilitate the operations of the combined company, including an increase of the letter of credit sublimit to $75.0 million, revision of the applicable margins and increases to dollar-based baskets and thresholds.

The amendment gave Gartner the ability to incur additional term loans as an incremental tranche to the existing credit agreement and provided that the extension of credit under the revolving credit facility necessary to close the merger will be subject only to the limited conditions in the previously filed commitment letter.

Certain of the changes to the existing credit facility became effective immediately and certain changes will become effective upon the closing of the deal.

The agreements include specific loan parties, certain lenders and JPMorgan Chase Bank NA as administrative agent.