Emerson Electric replaces revolver with new $3.5 billion revolver

By Angela McDaniels

Tacoma, Wash., May 2 - Emerson Electric Co. entered into a $3.5 billion five-year revolving credit facility on Wednesday, according to an 8-K filing made with the Securities and Exchange Commission on Friday.

J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are the bookrunners. JPMorgan Chase Bank, NA is the agent. Citibank, NA is the syndication agent.

The new revolver expires in April 2019 and replaces a similar $2.75 billion four-year revolver dated Dec. 16, 2010.

The interest rate is Libor plus 57.5 basis points to 110 bps. The facility fee rate is 5 bps to 15 bps. Both depend on the company's debt ratings.

Loans and letters of credit may be denominated in dollars or certain other currencies.

The company said it has not incurred any borrowings under this or prior similar facilities and has no intention to do so. The new revolver supports general corporate purposes, including commercial paper borrowings.

Emerson is a technology company based in St. Louis.

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