E-mail us: service@prospectnews.com Or call: 212 374 2800
Bank Loans - CLOs - Convertibles - Distressed Debt - Emerging Markets
Green Finance - High Yield - Investment Grade - Liability Management
Preferreds - Private Placements - Structured Products
 
Published on 3/17/2023 in the Prospect News Bank Loan Daily.

Watsco closes $600 million five-year replacement revolver

By Marisa Wong

Los Angeles, March 17 – Watsco, Inc. announced it signed a $600 million unsecured revolving credit facility led by Bank of America, NA as administrative agent, JPMorgan Chase Bank, NA as syndication agent and Wells Fargo Bank, NA and U.S. Bank NA as documentation agents and including six other banks.

In anticipation of the cessation of Libor, this facility is linked to SOFR, according to a press release.

The five-year revolver bears interest at different rates depending on the types of advances or loans. Exact pricing was not disclosed in the press release.

Terms of the agreement include increased borrowing capacity, covenant flexibility and greater sensitivity to the seasonal nature of the company’s working capital requirements.

Borrowings will be used for working capital, acquisitions, dividends and other general purposes.

The new revolver replaces Watsco’s existing $560 million unsecured revolver.

Watsco is a Miami-based distributor for heating, air conditioning and refrigeration products.


© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.