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Rockwell Automation refinances via $1.25 billion five-year revolver
By Susanna Moon
Chicago, Nov. 15 – Rockwell Automation, Inc. obtained a $1.25 billion five-year unsecured revolving credit agreement on Tuesday with Bank of America, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
Bank of America Merrill Lynch, Goldman Sachs Bank USA and Wells Fargo Securities, LLC are the joint lead arrangers and joint bookrunners.
Interest on the loans will range from Libor plus 62.5 basis points to 112.5 bps, based on the company’s credit ratings.
The company has the option to increase the total commitments by up to $750 million as well as two one-year extension options.
The agreement replaces the $1 billion five-year credit agreement dated March 24, with JPMorgan Chase Bank, NA as administrative agent, Bank of America, NA and Goldman Sachs Bank USA as syndication agents, and Bank of New York Mellon, BMO Harris Bank NA, Citibank, NA, Deutsche Bank Securities Inc., Northern Trust Co., PNC Bank, NA, U.S. Bank NA and Wells Fargo Bank, NA as documentation agents.
Proceeds will be used for general corporate purposes.
The agreement includes a covenant that states that the company is in default if its ratio of consolidated EBITDA to consolidated interest expense for any period of four consecutive quarters is less than 3 times.
Goldman Sachs and Wells Fargo Bank are the syndication agents. Bank of China, Chicago Branch, Bank of New York Mellon, BMO Harris Bank, Citibank, Deutsche Bank Securities, PNC Bank, Toronto-Dominion Bank, New York Branch and U.S. Bank are the documentation agents.
The industrial automation company is based in Milwaukee.
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