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Mohawk Industries gets $200 million delayed-draw term loan due 2019
By Angela McDaniels
Tacoma, Wash., March 4 – Mohawk Industries, Inc. entered into a $200 million delayed-draw senior term loan on Tuesday, according to an 8-K filing with the Securities and Exchange Commission on Friday.
The company may make up to two draws until Sept. 1. All amounts borrowed under the facility will be due on March 1, 2019.
The initial delayed-draw ticking fee is 15 basis points, and the initial interest rate is Libor plus 125 bps.
The ticking fee ranges from 10 bps to 22.5 bps, and the margin over Libor ranges from 100 bps to 175 bps.
The joint lead arrangers and joint bookrunners are Wells Fargo Securities LLC, Barclays Bank plc, JPMorgan Chase Bank, NA, Bank of America Merrill Lynch and SunTrust Robinson Humphrey, Inc.
The syndication agents are Barclays Bank, Bank of America, NA and SunTrust Bank. The documentation agents are Fifth Third Bank, Mizuho Bank, Ltd., PNC Bank, NA, MUFG and U.S. Bank, NA. Wells Fargo Bank, NA is the administrative agent.
The company said the terms and conditions of the facility, including interest rates and financial covenants, are substantially the same as the terms and conditions of its $1.8 billion amended and restated revolving credit facility.
Also on Tuesday, the company amended the revolver to, among other things, carve out from the general limitation on subsidiary debt the issuance of notes by foreign subsidiaries under the company’s €1 billion European commercial paper program and to extend the maturity date to March 26, 2021 from March 26, 2020 with respect to all but $120 million of the total amount committed under the revolver.
Mohawk, a maker of floor covering products, is based in Calhoun, Ga.
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