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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/01/22 United Therapeutics Corp. 8-K:1,2,9 3/31/22 11:1.2M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: 8-K Current Report HTML 34K 2: EX-10.1 Material Contract HTML 588K 6: R1 Cover HTML 46K 9: XML IDEA XML File -- Filing Summary XML 12K 7: XML XBRL Instance -- tm2211000d1_8k_htm XML 15K 8: EXCEL IDEA Workbook of Financial Reports XLSX 6K 4: EX-101.LAB XBRL Labels -- uthr-20220331_lab XML 96K 5: EX-101.PRE XBRL Presentations -- uthr-20220331_pre XML 64K 3: EX-101.SCH XBRL Schema -- uthr-20220331 XSD 12K 10: JSON XBRL Instance as JSON Data -- MetaLinks 25± 33K 11: ZIP XBRL Zipped Folder -- 0001104659-22-041375-xbrl Zip 139K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): i March 31, 2022
i United Therapeutics Corporation
(Exact Name of Registrant as Specified in its Charter)
| i Delaware | i 000-26301 | i 52-1984749 | ||
| (State or Other | (Commission | (I.R.S. Employer | ||
| Jurisdiction of | File Number) | Identification Number) | ||
| Incorporation) |
| i 1040 Spring Street | ||
| i Silver Spring, i MD | i 20910 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: ( i 301) i 608-9292
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
i ¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
i ¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
i ¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
i ¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
| i Common Stock, par value $0.01 per share | i UTHR | i Nasdaq Global Select Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
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| Item 1.01 | Entry into a Material Definitive Agreement. |
On March 31, 2022, United Therapeutics Corporation (the “Company”) entered into a Credit Agreement (the “Credit Agreement”) with certain of its subsidiaries party thereto, as guarantors (the “Guarantors”), the lenders referred to therein, and Wells Fargo Bank, National Association (“Wells Fargo”), as administrative agent and as a swingline lender. The Credit Agreement provides for (i) an unsecured, revolving credit facility of up to $1.2 billion; and (ii) a second unsecured, revolving credit facility of up to $800 million (which facilities may, subject to obtaining commitments from existing or new lenders for such increase and subject to other condition, be increased by up to $500 million in the aggregate). The facilities mature five years after the closing date of the Credit Agreement, subject to an ability of the lenders thereunder, or certain of the lenders thereunder, to elect to extend the maturity date of their commitments by one year following a request for such extension by the Company in accordance with the terms of the Credit Agreement, up to a maximum of two such extensions.
As of March 31, 2022, Lung Biotechnology PBC is the only subsidiary of the Company required to be a Guarantor and guarantee the Company’s obligations under the Credit Agreement. From time to time, one or more additional subsidiaries of the Company may be required to guarantee the Company’s obligations under the Credit Agreement.
At the Company’s option, the loan will bear interest at either an adjusted Term SOFR rate or a fluctuating base rate, in each case, plus an applicable margin that is determined on a quarterly basis based on the Company’s consolidated total leverage ratio (as calculated in accordance with the Credit Agreement).
The proceeds of borrowings under the Credit Agreement are available to refinance certain existing indebtedness of the Company and its subsidiaries and/or for working capital and other general corporate purposes. Upon closing of the Credit Agreement on March 31, 2022, the Company borrowed $800.0 million under the Credit Agreement, and used the funds to repay outstanding indebtedness under the 2018 Credit Agreement discussed under Item 1.02 below.
The Credit Agreement also contains customary affirmative and negative covenants that, among other things, limit the ability of the Company and its subsidiaries to: (a) incur indebtedness; (b) grant liens; (c) enter into a merger, consolidation, or amalgamation; (d) liquidate, wind up, or dissolve; or (e) sell all or substantially all of the property, business, or assets of the Company and its subsidiaries taken as a whole. In addition, as of the last day of each fiscal quarter, the Company must not permit (i) a consolidated ratio of total indebtedness to EBITDA to be greater than 3.00 to 1.00 (which ratio may, upon consummation of certain qualifying acquisitions, be increased to 3.50 to 1.00 for four fiscal quarters following such acquisition); and (ii) its consolidated interest coverage ratio to be less than 3.00 to 1.00, in each case calculated in accordance with the Credit Agreement.
The Credit Agreement contains customary events of default, including a change of control. Upon the occurrence and continuation of an event of default, all amounts due under the Credit Agreement and the other loan documents become (in the case of a bankruptcy event), or may become (in the case of all other events of default and at the option of the lenders), immediately due and payable.
The foregoing summary is qualified by reference to the copy of the Credit Agreement attached hereto as Exhibit 10.1.
| Item 1.02 | Termination of a Material Definitive Agreement. |
On March 31, 2022, the Company paid off and terminated all of its obligations under its Credit Agreement (the “2018 Credit Agreement”), dated as of June 27, 2018, with Wells Fargo, as administrative agent and as a swingline lender, the lenders referred to therein, and the guarantors party thereto. There were no penalties associated with the early termination of the 2018 Credit Agreement.
| Item 2.03 | Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. |
The information set forth in Item 1.01 of this Current Report on Form 8-K regarding the Credit Agreement is incorporated herein by reference.
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Item 9.01. Exhibits
| (d) Exhibits | |||
| Exhibit No. | Description of Exhibit | ||
| 10.1 | Credit Agreement, dated as of March 31, 2022, among United Therapeutics Corporation, certain of its subsidiaries party thereto, as guarantors, the lenders referred to therein, and Wells Fargo Bank, National Association, as administrative agent and as a swingline lender. | ||
| 104 | The cover page of this Current Report on Form 8-K, formatted in Inline XBRL. | ||
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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 hereunto duly authorized.
| UNITED THERAPEUTICS CORPORATION | |||
| Dated: April 1, 2022 | By: | /s/ Paul A. Mahon | |
| Name: | Paul A. Mahon | ||
| Title: | General Counsel | ||
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| This ‘8-K’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on: | 4/1/22 | |||
| For Period end: | 3/31/22 | 10-Q | ||
| 6/27/18 | ||||
| List all Filings | ||||
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/29/24 United Therapeutics Corp. 8-K:1,2 3/29/24 10:188K Toppan Merrill/FA 2/21/24 United Therapeutics Corp. 10-K 12/31/23 111:13M 2/22/23 United Therapeutics Corp. 10-K 12/31/22 102:13M 5/04/22 United Therapeutics Corp. 10-Q 3/31/22 76:7.9M |