Leggett & Platt amends, extends revolver, upsizes to $750 million

By Wendy Van Sickle

Columbus, Ohio, May 18 – Leggett & Platt, Inc. amended and restated its credit agreement on Friday for total multi-currency revolving commitments of $750 million, upsized from $600 million, according to an 8-K filing with the Securities and Exchange Commission.

The new agreement amends and restates Leggett’s credit agreement dated Aug. 19, 2011 with JPMorgan Chase Bank, NA as administrative agent.

JPMorgan Chase Bank, NA, Wells Fargo Securities, LLC and U.S. Bank NA are the bookrunners and lead arrangers, Wells Fargo Bank, NA and U.S. Bank NA are the syndication agents and the Bank of Tokyo-Mitsubishi UFJ, Ltd. is the documentation agent.

The restatement extended the revolver’s maturity to May 13, 2021 from April 19, 2019 and adjusted pricing such that the fixed spread is increased and the facility fee range decreased.

The fixed spread now ranges from 69 basis points to 110 bps, up from 68 bps to 107.5 bps, and the facility fee ranges from 6 bps to 15 bps, down from 7 bps to 17.5 bps. Both are based on credit ratings.

Additional changes include

• Increasing availability for swingline loans to $75 million from $60 million;

• Increasing the allowance from incremental term loans to $250 million from $200 million;

• Increasing the limitation on the company’s sales of assets over a four-quarter period to 40% from 25% of consolidated total assets;

• Increasing the limit on the company’s consolidated total debt to total capital to 65% from 60%; and

• Raising the threshold for an event of default provision relating to any judgment, writ or warrant of attachment or of any similar process in an uninsured amount entered or filed against the company to more than $100 million from more than $50 million.

In addition, some of the lenders changed the amounts of their commitments.

Bank of America, NA, Branch Bank and Trust Co. and Svenska Handelsbanken AB, New York Branch were added as lenders, while Fifth Third Bank withdrew its commitment.

Leggett & Platt is a Carthage, Mo.-based producer of residential furnishings, commercial components and industrial materials.

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