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Eaton signs $2.5 billion of new revolving credit facilities
Chicago, Oct. 8 – Eaton Corp. plc announced that it signed two revolving credit facilities on Oct. 4, according to an 8-K filing with the Securities and Exchange Commission.
Five-year facility
The company entered into a five-year revolver that also lists Eaton Corp. and Eaton Capital Unlimited as borrowers.
The new facility provides for up to $2 billion, and replaces three previous facilities.
The facility lists Citibank, NA as administrative agent.
There is a $750 million accordion feature.
The commitment fee, payable quarterly, will be between 5 basis points and 12.5 bps. Based on ratings, interest will be between Libor plus 70 bps to 112.5 bps.
Borrowers may request a one-year extension from the Oct. 4, 2026 maturity date.
364-day facility
The borrowers also entered into a $500 million 364-day revolver that lists Citibank as administrative agent.
The new facility replaces the previous $2.5 billion 364-day revolver from May 18, 2021.
There is a $250 million accordion.
The facility fee will range from 3 bps to 10 bps. Based on ratings, interest will be between Libor plus 72 bps to 115 bps.
The revolver can be converted to a one-year term loan at the option of the borrower with a 75 bps fee.
The loan matures Oct. 3, 2022.
For both facilities, Citibank, NA, JPMorgan Chase Bank, NA, BofA Securities, Inc., BNP Paribas Securities Corp., Deutsche Bank Securities Inc. and Morgan Stanley Senior Funding, Inc. are the joint lead arrangers and joint bookrunners.
JPMorgan Chase Bank, NA is the syndication agent.
Bank of America, NA, BNP Paribas, Deutsche Bank AG New York Branch and Morgan Stanley Senior Funding, Inc. are the documentation agents.
The borrower is a Cleveland-based diversified industrial manufacturer.
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