Lennox International increases revolving commitments to $1 billion

By Sarah Lizee

Olympia, Wash., Jan. 25 – Lennox International Inc. amended and restated its credit facility agreement on Jan. 22 with JPMorgan Chase Bank, NA as administrative agent for $350 million in additional commitments available to be drawn under the unsecured revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The unsecured revolver after the incremental increase has a total availability of $1 billion and continues to include a subfacility for swingline loans of up to $65 million and continues to provide for the issuance of letters of credit up to $100 million.

Borrowings continue to bear interest at Libor plus a margin ranging from 100 basis points to 175 bps, depending on ratings. The facility fee ranges from 10 bps to 27.5 bps and is also based on ratings.

The amount of term loan commitments remains $250 million.

The maturity dates for both the term and revolving facilities under the agreement remain Aug. 30, 2021.

JPMorgan, BofA Merrill Lynch, Wells Fargo Securities, LLC and MUFG Bank, Ltd. are joint lead arrangers and joint bookrunners. Bank of America, NA, Wells Fargo Bank, NA and MUFG Bank are syndication agents. PNC Bank, NA, U.S. Bank, NA and Regions Bank are documentation agents.

Lennox International is a Richardson, Texas, climate-control products company.

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