ScanSource expands credit facility to $500 million, extends to 2024

By Rebecca Melvin

New York, May 1 – ScanSource, Inc. has entered into an expanded and extended credit facility that includes a $350 million five-year multicurrency senior secured revolving credit facility and a $150 million five-year senior secured term loan facility.

The former credit facility provided $400 million of revolving capacity and was scheduled to expire on April 3, 2022, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

Under the amended facility, ScanSource may request to increase its borrowings up to a total of $750 million, subject to obtaining additional credit commitments from the lenders.

The amendment also sets the interest rate spreads at 100 basis points to 175 bps for Libor loans. The rates are based on leverage.

JPMorgan Chase Bank, NA, Merrill Lynch, Pierce, Fenner & Smith Inc. and TD Bank, NA are the joint bookrunners and joint lead arrangers. JPMorgan is the administrative agent.

ScanSource is a Greenville, S.C.-based distributor of specialty technology products.

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