Weber-Stephen borrows $250 million of incremental loans

By Wendy Van Sickle

Columbus, Ohio, March 2 – Weber-Stephen Products LLC borrowed $250 million of incremental term loans on Wednesday under its credit agreement dated Oct. 30, 2020 with Bank of America, NA, according to an 8-K filed with the Securities and Exchange Commission.

The incremental loans may be used for working capital, for general corporate purposes and to repay outstanding borrowings under the revolver established by the credit agreement.

The increase loans will bear interest at term SOFR with a 0.75% floor plus an applicable margin. Existing borrowings will continue to bear inters at Libor plus a margin.

Bank of America, BMO Capital Markets Corp., Capital One, NA, Citigroup Global Markets Inc., JPMorgan Chase Bank, NA, Wells Fargo Securities, LLC, Goldman Sachs Bank USA, UBS Securities LLC and Fifth Third Bank, NA are the lead arrangers and bookrunners for the incremental term B facility.

The initial maturity date of the term B facility is Oct. 30, 2027.

Weber-Stephen is a manufacturer of charcoal, gas and electric grills and accessories.

© 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.