Item 8.01. Other Events.
On May 8, 2020, Olin Corporation (“Olin”) and its wholly owned subsidiary Blue Cube Spinco, LLC (“Blue Cube”) entered into an amendment (the “Second Amendment”) to the Credit Agreement dated as of June 16, 2019 (as amended by the First Amendment thereto dated as of December 20, 2019, the Second Amendment, and the Third Amendment thereto dated as of February 24, 2021, the “Amended Credit Agreement”), among Olin, Blue Cube, the lenders party thereto and Bank of America, N. A., as successor administrative agent and collateral agent (the “Agent”). As required by the Second Amendment, Olin caused its obligations under the Amended Credit Agreement (the “Credit Agreement Obligations”) to be guaranteed (the “Subsidiary Guarantees”) by certain of its material domestic subsidiaries (the “Subsidiary Guarantors”), and also caused the Credit Agreement Obligations and the Subsidiary Guarantees to be secured by liens on certain of Olin’s and the Subsidiary Guarantors’ personal property (collectively, the “Collateral”). In connection with the foregoing, Olin also caused certain of its and its subsidiaries’ obligations under certain Other Secured Agreements (as defined in the Amended Credit Agreement) to be guaranteed by the Subsidiary Guarantors and secured by liens in the Collateral, all on a pari passu basis with the Credit Agreement Obligations. The liens in the Collateral were granted to the Agent, for the ratable benefit of all the secured parties, pursuant to a Security Agreement dated as of August 6, 2020 (the “Security Agreement”), among Olin, the Subsidiary Guarantors and the Agent.
The Second Amendment provides that the Subsidiary Guarantees and the liens on the Collateral will be released upon Olin’s request when, among other things, its Consolidated Net Leverage Ratio (as defined in the Amended Credit Agreement) is below 3.50 to 1.00 for two consecutive fiscal quarters.
On July 28, 2021, Olin notified the Agent that the conditions to the release of the Subsidiary Guarantees and the liens in the Collateral have been satisfied. In accordance with the Amended Credit Agreement and the Other Secured Agreements, the Subsidiary Guarantees and the liens in the Collateral have been automatically released, and the Security Agreement has been terminated. Olin and the Agent have entered into a letter agreement dated July 28, 2021 confirming the foregoing.