On December 29, 2022, Belden Inc., certain of its U.S. and non-U.S. subsidiaries, the Lenders and Administrative Agent, entered into Amendment No. 1 to Second Amended and Restated Credit Agreemen, which amends the Second Amended and Restated Credit Agreement by and among the Company, as the U.S. borrower, certain non-U.S. subsidiaries of the Company located in Canada, Germany, the United Kingdom and the Netherlands, as foreign borrowers, certain other U.S. and non-U.S. subsidiaries of the Company party thereto as guarantors, JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders. Prior to the effectiveness of the Amendment, the Second Amended and Restated Credit Agreement included the London Interbank Offered Rate (“LIBOR”) as one of the interest rate benchmark options for U.S. dollar borrowings.

However, on March 5, 2021, the Financial Conduct Authority, the regulatory supervisor of LIBOR's administrator, announced in a public statement that the publication of one-week and two-month LIBOR maturities would cease immediately on December 31, 2021; and that the remaining maturities (including 1-month, 3-month, 6-month and 12- month) would cease on or before June 30, 2023. The aforementioned 1-month, 3-month, and 6-month U.S. dollar LIBOR maturities were each available to the borrowers under the Second Amended and Restated Credit Agreement prior to the effectiveness of the Amendment. Considering the announced discontinuation of LIBOR, a determination was made by the Administrative Agent and the Company to amend the Second Amended and Restated Credit Agreement to replace LIBOR with a new prevailing benchmark interest rate known as Term SOFR.

“Term SOFR” is the forward-looking, per annum secured overnight financing rate administered by CME Group Benchmark Administration Limited for each of 1-month, 3-month and 6-month maturities. As a result of this determination, the Company and the Administrative Agent have executed the Amendment to adopt Term SOFR as the new benchmark interest rate to replace LIBOR for U.S. dollar borrowings.