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Genuine Parts enters $850 million five-year facility with BofA
By Jennifer Chiou
New York, Sept. 14 - Genuine Parts Co. entered into on Sept. 11 an $850 million multi-currency syndicated facility agreement with Bank of America, NA as administrative agent and SunTrust Bank, Wells Fargo Bank, NA and Barclays Bank plc as syndication agents, according to an 8-K filing with the Securities and Exchange Commission.
The syndicated facility replaces the $350 million unsecured revolving line of credit dated Dec. 18, 2007 that was scheduled to mature at the end of this year.
The new facility matures on Sept. 11, 2017 and may be increased by an additional $350 million.
Borrowings initially bear interest at Libor plus 75 basis points.
Atlanta-based Genuine Parts distributes automotive replacement parts.
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