Generac Power Systems ups revolver to $300 million, extends to 2023

By Sarah Lizee

Olympia, Wash., June 14 – Generac Power Systems, Inc. amended and restated its credit agreement with Bank of America, NA as administrative agent to increase the size of its asset-based lending revolving credit facility to $300 million from $250 million, extend the maturity date and reduce pricing, according to an 8-K filing with the Securities and Exchange Commission.

The maturity date was extended by three years to June 12, 2023.

Up to $50 million under the revolver can be used by Generac Holdings UK Ltd. for borrowings in dollars, euros, and/or British pounds.

The letter-of-credit sublimit was increased to $75 million from $25 million.

Pricing was reduced to Libor plus 112.5 basis points to 137.5 bps from Libor plus 125 bps to 175 bps, based on average availability. Initially, interest is Libor plus 112.5 bps.

Merrill Lynch, Pierce, Fenner & Smith Inc., JPMorgan Chase Bank, NA and Wells Fargo Bank, NA are joint lead arrangers and bookrunners, with JPMorgan as syndication agent and Wells Fargo as documentation agent.

Generac is a Waukesha, Wis.-based designer and manufacturer of generators. It is a wholly owned subsidiary of Generac Holdings, Inc.

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