Graybar Electric amends $750 million revolver, extending to 2026

By Rebecca Melvin

Concord, N.H., Aug. 17 – Graybar Electric Co., Inc. amended its revolving credit facility on Aug. 13 and extended it to August 2026, according to an 8-K filing with the Securities and Exchange Commission on Tuesday.

The $750 million facility by Graybar, the parent borrower, and Graybar Canada Ltd., as borrower, includes an accordion feature that allows Graybar to request increases in the borrowing commitments of up to $375 million.

The amended agreement includes a $100 million sublimit in U.S. or Canadian dollars for borrowings by Graybar Canada.

The interest rate is Libor plus 100 basis points to 160 bps, and the commitment fee ranges from 25 bps to 40 bps. Both are based on the consolidated leverage ratio. Letter-of-credit fees range from 100 bps to 160 bps per year payable quarterly.

Bank of America, NA served as left lead arranger and bookrunner. It is domestic administrative agent, swingline lender and letter-of-credit issuer, and Bank of America, NA, Canada Branch is Canadian administrative agent, swingline lender and letter-of-credit issuer.

JPMorgan Chase Bank, NA, Wells Fargo Securities, LLC, PNC Capital Markets LLC, U.S. Bank NA, BMO Capital Markets Corp. and Fifth Third Bank acted as joint lead arrangers.

Regions Bank, Commerce Bank, and Comerica Bank also participated in the transaction.

Also on Aug. 13, the company amended both its uncommitted $100 million private placement shelf agreement with PGIM Inc. and its uncommitted $150 million private placement shelf agreement with MetLife Investment Management, LLC to conform those agreements to specified changes in the amended credit agreement.

“This agreement gives Graybar the financial flexibility to continue investing in growth and innovation,” Graybar’s senior vice president and chief financial officer Scott Clifford said in a company release on Tuesday.

St. Louis-based Graybar distributes electrical, communications and data networking products and provides related supply chain management and logistics services.

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