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Emerson Electric gets $3.5 billion five-year revolver with JPMorgan
By Sarah Lizee
Olympia, Wash., May 29 – Emerson Electric Co. entered into a $3.5 billion five-year revolving credit facility on May 23 with JPMorgan Chase Bank, NA as agent, according to an 8-K filing with the Securities and Exchange Commission.
Borrowings bear interest at Libor plus a margin that ranges from 58 basis points to 101.5 bps, and the facility fee ranges from 4.5 bps to 11 bps, in each case depending on debt ratings.
The facility expires in May 2023 and replaces a similar $3.5 billion five-year revolver dated April 30, 2014 with JPMorgan as agent.
There are no outstanding loans or letters of credit under the new facility.
The company said it has not incurred any borrowings under this or prior similar facilities and has no current intention to do so.
The new facility supports general corporate purposes, including commercial paper borrowings.
JPMorgan and Citibank, NA are joint lead arrangers and bookrunners, with Citibank as syndication agent.
Emerson is a St. Louis-based technology and engineering company.
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