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Share Name | Share Symbol | Market | Type |
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Ashland Inc | NYSE:ASH | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.53 | 0.56% | 95.03 | 98.81 | 93.58 | 96.64 | 82,898 | 16:44:21 |
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): February 22, 2022 |
ASHLAND GLOBAL HOLDINGS INC.
(Exact name of Registrant as Specified in Its Charter)
Delaware |
333-211719 |
81-2587835 |
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(State or Other Jurisdiction |
(Commission File Number) |
(IRS Employer |
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8145 Blazer Drive |
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Wilmington, Delaware |
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19808 |
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(Address of Principal Executive Offices) |
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(Zip Code) |
Registrant’s Telephone Number, Including Area Code: 302 995-3000 |
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(Former Name or Former Address, if Changed Since Last Report)
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:
Securities registered pursuant to Section 12(b) of the Act:
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Trading |
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Common Stock, par value $.01 per share |
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ASH |
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The New York Stock Exchange |
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).
Emerging growth company ☐
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. ☐
Item 1.01 Entry into a Material Definitive Agreement.
On February 22, 2022, for the purpose of reassigning certain account receivables (Subject Receivables”) that are part of the previously announced sale of the Performance Adhesive business, Ashland LLC (“Ashland”), a subsidiary of Ashland Global Holdings Inc. (the “Company”), and certain of Ashland’s subsidiaries entered into the First Amendment (the “1stAmendment”) to the Receivables Purchase Agreement dated as of March 17, 2021 (the “Receivables Purchase Agreement”) by and among Ashland, Ashland Specialty Ingredients G.P., a Delaware general partnership (“ASI”) (together, the “Originators”), CVG Capital III LLC, a bankruptcy-remote special purpose entity and subsidiary of Ashland (the “SPE”), PNC Bank, National Association (“PNC”), as administrative agent, PNC Capital Markets LLC, as structuring agent, Ashland, as initial servicer, and certain other persons from time to time named as parties thereto as purchasers, group agents, LC banks and LC participants.
Pursuant to the 1st Amendment, the SPE is required for a period of 12 months following the closing of the sale of the Performance Adhesive business to redirect all collections related to the Subject Receivables for the benefit of Arkema, SA, the purchaser of the Performance Adhesive business.
In furtherance and concurrent to the above amendments, Ashland also entered into an Assignment Agreement (“Assignment”) between the SPE (the “Seller”), and Ashland (the “Buyer”) and PNC, whereby the SPE will sell back the Subject Receivables to Ashland that Ashland had sold to the SPE under the previously announced Second Amended and Restated Purchase and Sale Agreement (the “PSA”) entered into by and among Ashland, and ASI (together, as the originators), Ashland, as initial servicer, and the SPE as purchaser.
The foregoing summary of the 1stAmendment and Assignment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the (1) 1st Amendment which is filed as Exhibit 10.1 to this Current Report on Form 8-K and the Receivables Purchase Agreement, which was filed as Exhibit 10.2 to the Company’s Current Report on Form 8-K on March 18, 2021 and (2) the Assignment which is filed to this Current Report as Exhibit 10.2 and the PSA which was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K on March 18, 2021, all of which are 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 in and incorporated into Item 1.01 is hereby incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit 10.1 |
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Exhibit 10.2 |
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Exhibit 104 |
Cover Page Interactive Data File (embedded with the Inline XBRL document). |
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 thereunto duly authorized.
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ASHLAND GLOBAL HOLDINGS INC |
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Date: |
February 28, 2022 |
By: |
/s/ J. Kevin Willis |
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J. Kevin Willis |
1 Year Ashland Chart |
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