Form 8-K - Current report

0000927003false00009270032024-09-092024-09-09

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 9, 2024

Advanced Energy Industries, Inc.

(Exact name of registrant as specified in its charter)

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Delaware		000-26966		84-0846841
(State or other jurisdiction of incorporation)	​	(Commission File Number)	​	(IRS Employer Identification No.)

   

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1595 Wynkoop Street, Suite 800, Denver, Colorado		80202
(Address of principal executive offices)	​	(Zip Code)

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[phone]

(Registrant’s telephone number, including area code)

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Not applicable

(Former name or former address, if changed since last report)

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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 (see General Instruction A.2. below):

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☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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Securities registered pursuant to Section 12(b) of the Act:

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Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value	​	AEIS	​	Nasdaq Global Select Market

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

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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.

Amendment to Credit Agreement

On September 9, 2024, Advanced Energy Industries, Inc. (the “Company”) and material domestic subsidiaries of the Company acting as guarantors (the “Guarantors”) entered into Amendment No. 4 to the Credit Agreement (the “Amendment”), which amended its existing credit agreement, dated as of September 10, 2019 (as amended by Amendment No. 1, dated September 9, 2021, Amendment No. 2, dated March 31, 2023, and Amendment No. 3, dated September 7, 2023, the “Credit Agreement”), by and among the Company, the Guarantors, the banks and financial institutions listed as lenders in the Credit Agreement, and Bank of America, N.A., as administrative agent. Prior to giving effect to the Amendment, the Credit Agreement provided aggregate financing of $600.0 million, consisting of a $400.0 million senior unsecured term loan facility maturing on September 9, 2026 (the “Term Loan Facility”) and a $200.0 million senior unsecured revolving facility maturing on September 9, 2026 (the “Revolving Facility”).

The Amendment (a) increases the lenders’ commitment under the Revolving Facility by $400.0 million for a total of $600.0 million in aggregate, all of which is currently available, (b) adds Wells Fargo Bank, National Association as a lender, (c) refreshes the accordion feature allowing the Company to increase the size of the Term Loan Facility or the Revolving Facility by $250.0 million in the aggregate, subject to certain conditions, and (d) provides for other customary changes as more fully set forth in the Amendment. There are no changes to the interest rates, maturities, and covenants of the Credit Agreement, and except as set forth in the Amendment, all terms and conditions of the Credit Agreement remain in place.

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Consistent with the Amendment, the Company concurrently prepaid in full the $345.0 million aggregate principal amount outstanding under the Term Loan Facility, including all accrued and unpaid interest thereon, using cash on hand. Following the prepayment, the only outstanding debt remaining on the Company’s consolidated balance sheet is the $575.0 million aggregate principal amount of 2.50% convertible senior notes due 2028. Further, the interest rate swap contracts which the Company previously entered into relative to the Term Loan Facility expired on September 10, 2024.

The Amendment and concurrent repayment of the Term Loan Facility leverage the Company’s available cash on hand to reduce net interest expense. In addition, the amended structure preserves the terms of the existing Credit Agreement, increases overall financing capacity and enables flexibility to fund growth, share repurchase and other corporate needs.

The foregoing descriptions of the Amendment and Credit Agreement are not complete and are qualified in their entirety by reference to the full text of the Amendment, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

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 under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

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Item 9.01 Financial Statements and Exhibits.

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(d) Exhibits

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Exhibit Number	Description ​
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10.1	Amendment No. 4 to Credit Agreement, dated September 9, 2024, by and among Advanced Energy Industries, Inc., the guarantors party thereto, Bank of America, N.A. as the administrative agent, and the lenders party thereto (which includes the marked Credit Agreement as Exhibit A thereto).
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104	The cover page from Advanced Energy Industries, Inc. Current Report on Form 8-K, formatted in Inline XBRL.

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SIGNATURES

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.

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​	/s/ Paul Oldham
Date: September 11, 2024	Paul Oldham
​	Executive Vice President and Chief Financial Officer
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EXHIBIT 10.1

Execution Version

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AMENDMENT NO. 4 TO CREDIT AGREEMENT

AMENDMENT NO. 4 TO CREDIT AGREEMENT, dated as of September 9, 2024 (this “Amendment”), among ADVANCED ENERGY INDUSTRIES, INC., a Delaware corporation (the “Borrower”), each of the Guarantors party hereto, BANK OF AMERICA, N.A., as Administrative Agent (in such capacity and including any permitted successor or assign, the “Administrative Agent”), and the Lenders party hereto.

W I T N E S S E T H:

WHEREAS, the Borrower, the Guarantors, the Lenders and the Administrative Agent entered into a Credit Agreement, dated as of September 10, 2019 (as amended by Amendment No. 1, dated as of September 9, 2021, Amendment No. 2, dated as of March 31, 2023, Amendment No. 3, dated as of September 7, 2023 and as further amended, supplemented or otherwise modified through the date hereof, the “Credit Agreement”; capitalized terms used herein but not otherwise defined herein shall have the meanings given such terms in the Credit Agreement);

WHEREAS, Section 11.01 of the Credit Agreement permits the Borrower to amend the Credit Agreement with the consent of the Required Lenders;

WHEREAS, pursuant to Section 11.01 of the Credit Agreement, the Borrower has requested that the Credit Agreement be amended as set forth herein;

WHEREAS, Section 2.19 of the Credit Agreement permits the Borrower to incur Incremental Revolving Commitments and to amend the Credit Agreement to give effect to the incurrence thereof pursuant to an Increase Joinder, by and among the Borrower, the Administrative Agent and the Eligible Assignees providing such Incremental Revolving Commitments;

WHEREAS, the Borrower has requested Incremental Revolving Commitments pursuant to Section 2.19 of the Credit Agreement in an aggregate principal amount of $400,000,000 in the form of an increase (the “Second Incremental Revolving Commitments”) to the existing Revolving Commitments outstanding under the Credit Agreement immediately prior to the Amendment No. 4 Effective Date (as defined below) (such existing Revolving Commitments, the “Outstanding Revolving Commitments”), which Second Incremental Revolving Commitments shall be a fungible increase to the Outstanding Revolving Commitments, shall form part of a single Class of Revolving Commitments with the Outstanding Revolving Commitments, and shall have identical terms as the Outstanding Revolving Commitments;

WHEREAS, upon the effectiveness of this Amendment on the Amendment No. 4 Effective Date, each Person identified on Annex A hereto that executes and delivers a counterpart to this Amendment as an Incremental Revolving Lender (each an “Incremental Revolving Lender” and, collectively, the “Incremental Revolving Lenders”) will provide, on a several and not joint basis, a Second Incremental Revolving Commitment in the form of a fungible increase to the Outstanding Revolving Commitments in the amount set forth on Annex A hereto, which Second Incremental Revolving Commitments shall be in an aggregate principal amount of $400,000,000, and the aggregate amount of Revolving Commitments under the Amended Credit Agreement (as defined below) shall be $600,000,000;

WHEREAS, upon the effectiveness of this Amendment on the Amendment No. 4 Effective Date, the proceeds of the Second Incremental Revolving Commitments will be used by the Borrower for any purpose not prohibited by the Credit Agreement, including the payment of fees and expenses incurred

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in connection with arrangement and funding of the Second Incremental Revolving Commitments, all as more fully set forth in the Amended Credit Agreement;

WHEREAS, the Administrative Agent, the Borrower, each Guarantor and Lenders constituting the Required Lenders have agreed to make the amendments to the Credit Agreement as set forth in Article I of this Amendment; and

WHEREAS, BofA Securities, Inc. has agreed to act as sole lead arranger and sole book runner for this Amendment and the Incremental Revolving Commitments (the “Amendment No. 4 Arranger”), pursuant to that certain engagement letter, dated as of September 6, 2024 (the “Amendment No. 4 Engagement Letter”), between the Borrower and the Amendment No. 4 Arranger.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

ARTICLE I​
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Amendments

Subject to the occurrence of the Amendment No. 4 Effective Date:

(a)The Credit Agreement is, effective as of the Amendment No. 4 Effective Date, hereby amended to delete the stricken text (indicated textually in the same manner as the following example: stricken text) and to add the double-underlined text (indicated textually in the same manner as the following example: double-underlined text) as set forth in the pages of the Credit Agreement attached as Exhibit A hereto (the “Amended Credit Agreement”).

(b)Schedule 1.01(b) to the Credit Agreement is, effective as of the Amendment No. 4 Effective Date, hereby amended by adding the tables attached as Annex A hereto (for the avoidance of doubt, all other schedules to the Credit Agreement will remain in full force and effect in the form attached to the Credit Agreement on the Closing Date).

ARTICLE II​

Section 2.1.Second Incremental Revolving Commitments.

(a)Pursuant to Sections 2.19 and 11.01 of the Credit Agreement, with effect from and including the Amendment No. 4 Effective Date, each Incremental Revolving Lender shall become a party to this Amendment and the Amended Credit Agreement with all of the rights and obligations of a “Lender” and a “Revolving Lender” under the Amended Credit Agreement and the other Loan Documents, and shall each have a Second Incremental Revolving Commitment in the amount set forth opposite its name on Annex A hereto.

(b)On the Amendment No. 4 Effective Date, each Incremental Revolving Lender severally agrees that, immediately after the establishment of the Second Incremental Revolving Commitments, the Second Incremental Revolving Commitment of such Incremental Revolving Lender shall become effective and the Revolving Commitments shall be deemed increased by the aggregate amount of Second Incremental Revolving Commitments in the amounts set forth in Annex A hereto.

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(c)With effect from the Amendment No. 4 Effective Date and pursuant to Section 2.19 of the Credit Agreement, the Second Incremental Revolving Commitments established on the Amendment No. 4 Effective Date in accordance with Section 2.1(b) hereof shall constitute, for all purposes of the Amended Credit Agreement, Revolving Commitments established pursuant to the Amended Credit Agreement and this Amendment, all provisions of the Amended Credit Agreement applicable to Revolving Commitments shall be applicable to such Second Incremental Revolving Commitments, including with respect to all Revolving Loans incurred thereunder, and the Second Incremental Revolving Commitments shall be of the same Class as, and shall have terms identical to, the Revolving Commitments.

(d)Each of the Borrower and the Administrative Agent hereby consents to the provision by each Incremental Revolving Lender of such Lender’s Second Incremental Revolving Commitments, in each case to the extent such consent is required under Section 2.19 of the Credit Agreement.  The Administrative Agent and the Incremental Revolving Lenders hereby agree that the notice requirements set forth in Section 2.19(a) of the Credit Agreement have been satisfied with respect to the Second Incremental Revolving Commitments. This Amendment constitutes an Increase Joinder to the Credit Agreement as referred to in Section 2.19(b) of the Credit Agreement.

(e)In accordance with Section 2.19(c) of the Credit Agreement, each Incremental Revolving Lender agrees to make a Revolving Loan, the proceeds of which will be used to prepay the Revolving Loans of the other Revolving Lenders immediately prior to the Amendment No. 4 Effective Date, if any, so that, after giving effect thereto, the Revolving Loans outstanding are held by the Revolving Lenders pro rata based on their Revolving Commitments after giving effect to the Amendment No. 4 Effective Date.

Section 2.2.Fungibility.  All of the parties hereto agree that, upon the effectiveness of this Amendment, the Second Incremental Revolving Commitments will be an increase in the Outstanding Revolving Commitments, will constitute Revolving Commitments (and the loans thereunder, Revolving Loans) for all purposes of the Credit Agreement, will have the same terms as the Revolving Commitments and will, together with the Revolving Commitments and any Revolving Loans thereunder, be treated as a single Class.  For U.S. federal income tax purposes, (i) the parties hereto intend to treat all Revolving Commitments as fungible and all Revolving Loans as fungible and (ii) unless otherwise required by applicable law, none of the Borrower, any Loan Party, the Administrative Agent or any Lender shall take any tax position inconsistent with clause (i) above.

ARTICLE III​

Conditions to Effectiveness

Section 3.1.This Amendment shall become effective on the date (the “Amendment No. 4 Effective Date”) on which:

(a)The Administrative Agent (or its counsel) shall have received from (i) the Administrative Agent, (ii) the Incremental Revolving Lenders, (iii) Lenders constituting the Required Lenders and (iv) each Loan Party, a counterpart of this Amendment executed by a Responsible Officer of each Loan Party and a duly authorized officer of the Administrative Agent and each Incremental Revolving Lender. For purposes of this Section 3.1(a), the Responsible Officers shall be limited to the President, Chief Executive Officer, Chief Financial Officer, General Counsel and Manager of each applicable Loan Party.

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(b)The Administrative Agent shall have received a customary written opinion of counsel for the Loan Parties, dated the Amendment No. 4 Effective Date and addressed to the Administrative Agent and the Lenders, in form and substance reasonably acceptable to the Administrative Agent.

(c)The Administrative Agent shall have received an Officer’s Certificate dated the Amendment No. 4 Effective Date, certifying as to the Organization Documents of each Loan Party (which, to the extent filed with a Governmental Authority, shall be certified as of a recent date by such Governmental Authority), the resolutions of the governing body of each Loan Party, the good standing, existence or its equivalent of each Loan Party and of the incumbency (including specimen signatures) of the Responsible Officers of each Loan Party.

(d)The Borrower shall pay to the Lenders such fees as shall have been separately agreed upon in writing in the amounts and at the times so specified, in each case after giving effect to this Amendment.  The Administrative Agent, the Amendment No. 4 Arranger and the Lenders shall have received all other fees and expenses, if any, owing pursuant to the Amendment No. 4 Engagement Letter and Section 2.09 of the Credit Agreement. Such fees shall be fully earned when paid and shall not be refundable for any reason whatsoever.  

(e)The representations and warranties of the Borrower and each other Loan Party set forth in Section 4.1 of this Amendment, in Article V of the Credit Agreement and in any other Loan Document shall (i) with respect to representations and warranties that contain a materiality qualification, be true and correct on and as of the date of this Amendment and (ii) with respect to representations and warranties that do not contain a materiality qualification, be true and correct in all material respects on and as of the date of this Amendment, except, in the case of each of clauses (i) and (ii) above, to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall have been true and correct (or true and correct in all material respects, as applicable) as of such earlier date, and except that for purposes of this Section 3.1(e), the representations and warranties contained in Sections 5.05(a) and (b) of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b) of the Credit Agreement, respectively.

(f)At the time of and immediately after giving effect to this Amendment, no Default shall exist or would result from this Amendment, the incurrence of the Second Incremental Revolving Commitments as contemplated hereunder or from the application of the proceeds therefrom.

(g)The Administrative Agent shall have received a certificate, dated the Amendment No. 4 Effective Date and signed by a Responsible Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (e) and (f) of this Section 3.1. For purposes of this Section 3.1(g), the Responsible Officers shall be limited to the President, Chief Executive Officer, Chief Financial Officer and General Counsel of the Borrower.

(h)Upon the reasonable request of the Administrative Agent or any Lender made (x) at least seven (7) Business Days prior to the Amendment No. 4 Effective Date, the Borrower shall have provided to the Administrative Agent or such Lender (as the case may be), and the Administrative Agent or such Lender (as the case may be) shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including the PATRIOT Act, in each case at least two (2) Business Days prior to the Closing Date and (y) at least two (2) Business Days prior to the Closing Date, any Loan Party that qualifies as a “legal entity customer” under the

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Beneficial Ownership Regulation shall have delivered, to the Administrative Agent and each Lender that so requests, a Beneficial Ownership Certification in relation to such Loan Party.

(i)The Borrower shall have prepaid in full all of the outstanding Term Loans, including all accrued and unpaid interested thereon, on or prior to the Amendment No. 4 Effective Date; provided, that each Lender party hereto agrees that no “breakage costs” under Section 3.05 of the Credit Agreement shall be due as a result of such prepayment and the other transactions contemplated by this Amendment.

(j)At the time of and immediately after giving effect to this Amendment, on a pro forma basis (and assuming that the Second Incremental Revolving Commitments are fully drawn), the Borrower shall be in compliance with the covenant set forth in Section 7.11 of the Credit Agreement.

(k)The Borrower shall make any breakage payments in connection with any adjustment of Revolving Loans pursuant to Section 2.1(e) hereof.

ARTICLE IV​

Representations and Warranties.

Section 4.1.To induce the Administrative Agent and the Incremental Revolving Lenders to enter into this Amendment, each Loan Party represents and warrants that:

(a)Organization; Power.  Each Loan Party and each of its Subsidiaries (a) is duly organized or formed and validly existing, (b) has all requisite power and authority and all requisite governmental licenses, authorizations, consents and approvals to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform its obligations under the Amendment, the Amended Credit Agreement and the other Loan Documents to which it is a party, and (c) is duly qualified and is licensed and, as applicable, in good standing under the Laws of (i) the jurisdiction of its incorporation or organization and (ii) each jurisdiction where its ownership, lease or operation of properties or the conduct of its business requires such qualification or license; except, in each case referred to in clause (b)(i) or (c), to the extent that failure to do so could not reasonably be expected to have a Material Adverse Effect.  

(b)Authorization; Enforceability.  The execution, delivery and performance by each Loan Party of this Amendment (i) has been duly authorized by all necessary corporate or other organizational action, and (ii) does not and will not (a) contravene the terms of any of such Person’s Organization Documents; (b) conflict with or result in any breach or contravention of, or the creation of (or the requirement to create) any Lien under, or require any payment to be made under  (x) any Material Contracts to which such Person is a party or affecting such Person or the properties of such Person or any of its Subsidiaries or (y) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Applicable Law.

(c)Loan Document Representations and Warranties.  Before and immediately after giving effect to this Amendment, the representations and warranties of the Borrower and each other Loan Party contained in Article V of the Credit Agreement or any other Loan Document, are (i) with respect to representations and warranties that contain a materiality qualification, true and correct on and as of the date of this Amendment and (ii) with respect to representations and warranties that do not contain a materiality qualification, true and correct in all material respects

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on and as of the date of this Amendment, except, in the case of each of clauses (i) and (ii) above, to the extent that such representations and warranties specifically refer to an earlier date, in which case they are true and correct (or true and correct in all material respects, as applicable) as of such earlier date, and except that for purposes of this Section 4.1(c), the representations and warranties contained in Sections 5.05(a) and (b) of the Credit Agreement shall be deemed to refer to the most recent statements furnished pursuant to Sections 6.01(a) and (b) of the Credit Agreement, respectively.

(d)No Default.  At the time of and immediately after giving effect to this Amendment, no Default exists or would result from this Amendment, the incurrence of the Second Incremental Revolving Commitments as contemplated hereunder or from the application of the proceeds therefrom.

(e)Solvency. As of the Amendment No. 4 Effective Date, after giving effect to the transactions contemplated hereby (including the incurrence of the Second Incremental Revolving Commitments), each Loan Party is, together with its Subsidiaries on a Consolidated basis, Solvent.

ARTICLE V​

Miscellaneous

Section 5.1.Effect of Amendment

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(a)On and after the date hereof, each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”, “thereof” or words of like import referring to the Credit Agreement, mean and are a reference to the Credit Agreement as modified by this Amendment.  This Amendment is an Increase Joinder and a Loan Document executed pursuant to the Credit Agreement and shall be construed, administered and applied in accordance with the terms and provisions thereof.

(b)The Credit Agreement, as specifically amended by this Amendment, and each of the other Loan Documents are and shall continue to be in full force and effect and are hereby in all respects ratified and confirmed.

(c)The execution, delivery and effectiveness of this Amendment does not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Administrative Agent under any of the Loan Documents nor constitute a waiver of any provision of any of the Loan Documents.  This Amendment shall not constitute a novation of the Credit Agreement or any other Loan Documents.

Section 5.2.Counterparts.  This Amendment and any document, amendment, approval, consent, information, notice, certificate, request, statement, disclosure or authorization related to this Amendment (each, a “Communication”), including Communications required to be in writing, may be in the form of an Electronic Record (as defined below) and may be executed using Electronic Signatures (as defined below).  Each of the parties hereto agrees that any Electronic Signature on or associated with any Communication shall be valid and binding on each of the parties hereto to the same extent as a manual, original signature, and that any Communication entered into by Electronic Signature will constitute the legal, valid and binding obligation of each of the Loan Parties enforceable against such in accordance with the terms thereof to the same extent as if a manually executed original signature was delivered.   Any Communication may be executed in as many counterparts as necessary or convenient, including both

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paper and electronic counterparts, but all such counterparts are one and the same Communication.  For the avoidance of doubt, the authorization under this paragraph may include, without limitation, use or acceptance by the Administrative Agent and each of the Lenders of a manually signed paper Communication which has been converted into electronic form (such as scanned into PDF format), or an electronically signed Communication converted into another format, for transmission, delivery and/or retention. The Administrative Agent and each of the Lenders may, at its option, create one or more copies of any Communication in the form of an imaged Electronic Record (“Electronic Copy”), which shall be deemed created in the ordinary course of such Person’s business, and destroy the original paper document.  All Communications in the form of an Electronic Record, including an Electronic Copy, shall be considered an original for all purposes, and shall have the same legal effect, validity and enforceability as a paper record.  Notwithstanding anything contained herein to the contrary, the Administrative Agent is under no obligation to accept an Electronic Signature in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided, further, without limiting the foregoing, (a) to the extent the Administrative Agent has agreed to accept such Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on any such Electronic Signature purportedly given by or on behalf of any Loan Party without further verification and (b) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by such manually executed counterpart.  For purposes hereof, “Electronic Record” and “Electronic Signature” shall have the meanings assigned to them, respectively, by 15 USC §7006, as it may be amended from time to time.

Section 5.3.GOVERNING LAW, etc.  This AMENDMENT AND ANY CLAIMS, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT (EXCEPT, AS TO ANY LOAN DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED THEREBY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.  The provisions of Sections 11.14(b), 11.14(c), 11.14(d) and 11.15 of the Credit Agreement are incorporated herein and apply to this Amendment mutatis mutandis.

Section 5.4.Headings.  Article and Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to affect the construction of, or be taken into consideration in interpreting, this Amendment.

Section 5.5.Reaffirmation.  Each Loan Party hereby expressly acknowledges the terms of this Amendment and reaffirms, as of the date hereof, (i) the covenants and agreements contained in each Loan Document to which it is a party, including, in each case, such covenants and agreements as in effect immediately after giving effect to this Amendment and the transactions contemplated hereby and (ii) the Obligations and the guarantee of the Obligations under the Guaranty, and confirms that each Loan Document continues in full force and effect after giving effect to this Amendment, including without limitation, any additional Obligations resulting from or incurred pursuant to the Amended Credit Agreement.

[signature pages follow]

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Document and Entity Information	Sep. 09, 2024
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Sep. 09, 2024
Entity File Number	000-26966
Entity Registrant Name	Advanced Energy Industries, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	84-0846841
Entity Address, Address Line One	1595 Wynkoop Street, Suite 800
Entity Address, State or Province	CO
Entity Address, City or Town	Denver
Entity Address, Postal Zip Code	80202
City Area Code	(970)
Local Phone Number	407-6626
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	AEIS
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0000927003
Amendment Flag	false

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