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ScanSource completes $300 million five-year revolver led by JPMorgan
By Sara Rosenberg
New York, Oct. 12 - ScanSource Inc. closed on a new $300 million five-year senior secured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.
J.P. Morgan Securities LLC acted as the lead arranger, bookrunner and administrative agent on the deal that was completed on Oct. 11.
Pricing on the revolver can range from Libor plus 100 basis points to 225 bps and the unused fee can range from 17.5 bps to 40 bps, based on leverage.
There is a $150 million accordion feature.
Financial covenants include a leverage ratio and a fixed charge coverage ratio.
Proceeds were used to refinance an existing $250 million revolver and will be used for general corporate purposes.
ScanSource is a Greenville, S.C.-based distributor of specialty technology products.
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