Company: ARRY
Filing Date: 2025-05-06
Form Type: 10-Q
Source: 0001820721-25-000060
Chunk: 77

Company: Array Technologies, Inc.
Filing Date: 2025-05-06
Form: 10-Q
Item: Part I, Item 8
Chunk 77
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2027, the date that is 91 days  prior to the stated maturity of the Term Loan Facility, all or any portion of the Term Loan Facility is outstanding, the Revolving Credit Facility will mature on such date.Term Loan Facility The outstanding balance on the Term Loan Facility was $232.8 million and $233.9 million as of March 31, 2025 and December 31, 2024, respectively. The Term Loan Facility is presented in the accompanying condensed consolidated balance sheets, net of debt discount and issuance costs of $7.1 million and $7.9 million as of March 31, 2025 and December 31, 2024, respectively. In accordance with the Third Amendment, the Term Loan Facility pays interest at the Company’s election, at either (x) for SOFR Loans at Adjusted Term SOFR (subject to a floor of 0.50%) plus 3.25% or (y) for Base Rate Loans at the higher of the Prime Rate, one half of 1.00% above the Federal Funds Rate or the Adjusted Term SOFR for one-month interest period, after giving effect to any floor plus 1.00%, plus 2.25%. The debt discount and issuance costs are being amortized using the 

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effective interest method and the effective interest rate of the Term Loan Facility as of March 31, 2025, was 8.92%. The Term Loan Facility has an annual excess cash flow calculation, for which the prescribed formula did not result in requiring the Company to make an advance principal payment for the year ended December 31, 2024. The Term Loan Facility is due in October 2027.Revolving Credit FacilityThe Company had no outstanding balance under the Revolving Credit Facility at both March 31, 2025 and December 31, 2024. At March 31, 2025 and December 31, 2024 the Company had $38.7 million and $28.0 million, respectively, in standby letters of credit, and $161.3 million and $172.0 million, respectively, available to withdraw. In accordance with the Third Amendment, the Revolving Credit Facility pays interest at the Company’s election, at either (x) for SOFR Loans at Adjusted Term SOFR (as defined in the Credit Agreement) plus 3.25% or (y) for Base Rate Loans at the higher of the Prime Rate (each as defined in