Mattel Announces Definitive Agreement Changes

TL;DR

Mattel's making big moves: signing new deals, ditching old ones, and taking on new financial obligations.

AI Summary

Mattel, Inc. announced on July 15, 2024, the entry into a material definitive agreement and the termination of another. The company also disclosed the creation of a direct financial obligation or an off-balance sheet arrangement. Specific details regarding the nature of these agreements, their financial implications, and the parties involved were not provided in this initial filing.

Why It Matters

This filing indicates significant shifts in Mattel's contractual and financial obligations, which could impact its future financial performance and strategic direction.

Risk Assessment

Risk Level: medium — The filing indicates material changes to definitive agreements and financial obligations, the specifics of which are not yet detailed, creating uncertainty.

Key Players & Entities

• MATTEL, INC. (company) — Registrant
• Delaware (jurisdiction) — State of incorporation
• July 15, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $1.00 — ge on which registered Common Stock, $1.00 per share MAT The Nasdaq Global Sel
• $1,400,000,000 — stitutions party thereto, providing for $1,400,000,000 in aggregate principal amount of senior
• $50,000,000 — cipal or committed amount in excess of $50,000,000, subject to certain customary exception

Filing Documents

• mat-20240715.htm (8-K) — 79KB
• mattel-creditagreement2024.htm (EX-10.1) — 4950KB
• 0001628280-24-031973.txt ( ) — 5614KB
• mat-20240715.xsd (EX-101.SCH) — 2KB
• mat-20240715_def.xml (EX-101.DEF) — 3KB
• mat-20240715_lab.xml (EX-101.LAB) — 24KB
• mat-20240715_pre.xml (EX-101.PRE) — 15KB
• mat-20240715_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement New Revolving Credit Facility On July 15, 2024, Mattel, Inc. (the "Company") entered into a revolving credit agreement (the "Credit Agreement") among the Company, as the borrower (in such capacity, the "Borrower"), Bank of America, N.A., as administrative agent, and the other lenders and financial institutions party thereto, providing for $1,400,000,000 in aggregate principal amount of senior unsecured revolving credit facilities (the "new revolving credit facility"). The new revolving credit facility matures on July 15, 2029. Interest and Fees Borrowings under the new revolving credit facility will bear interest at a floating rate, which for U.S. Dollar-denominated loans can be, at the Borrower's option, either (a) Term SOFR (as defined in the Credit Agreement), plus an applicable margin ranging from 0.875% to 1.375% per annum, or (b) Base Rate (as defined in the Credit Agreement), plus an applicable margin ranging from 0.000% to 0.375% per annum, in each case, such applicable margins to be determined based on the Borrower's debt rating. In addition to paying interest on the outstanding principal under the new revolving credit facility, the Borrower will be required to pay (i) an unused line fee per annum of the average daily unused portion of the new revolving credit facility, (ii) a letter of credit fronting fee based on a percentage of the aggregate face amount of outstanding letters of credit, and (iii) certain other customary fees and expenses of the lenders and agents. Prepayments The Borrower may voluntarily repay outstanding loans under the new revolving credit facility at any time, without premium or penalty. Restrictive Covenants and Other Matters The Credit Agreement contains customary covenants, including, but not limited to, (a) restrictions on the Borrower's and its subsidiaries' ability to merge and consolidate with other companies, dispose of all or substantially all assets,

02. Termination of a Material Definitive Agreement

Item 1.02. Termination of a Material Definitive Agreement. On July 15, 2024, in connection with the entry into the Credit Agreement, the Company terminated the commitments and satisfied all outstanding obligations under that certain Revolving Credit Agreement, dated as of September 15, 2022 (as amended to date), by and among the Company, as the borrower, Bank of America, N.A., as administrative agent, and the other lenders and financial institutions party thereto . Section 2 – Financial Information

03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement. The information set forth in Item 1.01 above is incorporated by reference into this Item 2.03. Section 9 – Financial Statements and Exhibits

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits: Exhibit No. Exhibit Description 10.1 Revolving Credit Agreement, dated as of July 15, 2024, among the Company, as the borrower, Bank of America, N.A., as administrative agent, and the other lenders and financial institutions party thereto 104 Cover Page Interactive Data File (embedded within the Inline XBRL Document)

SIGNATURES

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. MATTEL, INC. Registrant By: /s/ Jonathan Anschell Name: Jonathan Anschell Title: Executive Vice President, Chief Legal Officer, and Secretary Dated: July 16, 2024