Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers H > Headlines for Hubbell Inc. > News item |
Hubbell gets $750 million five-year revolver at Libor plus 46-97.5 bps
By Susanna Moon
Chicago, Dec. 21 – Hubbell Inc. obtained a $750 million committed revolving credit facility last Thursday, according to an 8-K filing with the Securities and Exchange Commission.
Interest on the loans is Libor plus 46 basis points to 97.5 bps, based on the company’s debt ratings. The facility fee ranges from 4 bps to 15 bps.
The company entered into a five-year credit agreement with J.P. Morgan Securities LLC, HSBC Bank USA, NA and Bank of America Merrill Lynch as the joint lead arrangers and joint bookrunners.
JPMorgan Chase Bank, NA is administrative agent. HSBC Bank USA, NA and Bank of America, NA are the syndication agents. Bank of New York Mellon, Citibank, NA and TD Bank, NA are the documentation agents.
Commitments under the agreement may be upsized by up to $1.25 billion.
The credit agreement includes a $50 million sub-limit for the issue of letters of credit and a $50 million sub-limit for swingline borrowings. The sum of the loans and letters of credit to the subsidiary borrowers under the agreement may not exceed $75 million.
Proceeds will be used for general corporate purposes, including support for the issue of commercial paper.
The agreement replaces the company’s $500 million five-year credit agreement dated Oct. 20, 2011 with JPMorgan as administrative agent, which has been terminated.
Hubbell is a manufacturer of electrical and electronic products.
© 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.