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Snap-On closes on $700 million revolver priced at Libor plus 90 bps
By Marisa Wong
Madison, Wis., Oct. 1 - Snap-on Inc. entered into on Sept. 27 a $700 million multicurrency revolving credit facility that terminates on Sept. 27, 2018, according to an 8-K filed Tuesday with the Securities and Exchange Commission.
This new facility amends and restates Snap-on's $500 million multicurrency revolver set to terminate on Dec. 8, 2016. As of Sept. 27, no amounts were outstanding under the prior facility.
Borrowings under the new revolver will bear interest at Libor plus an applicable margin based on Snap-on's long-term debt ratings. The applicable margin ranges from 68 basis points to 110 bps. At Snap-on's current ratings, interest is Libor plus 90 bps.
The facility requires that the company maintain, as of each fiscal quarter-end, a ratio of consolidated net debt to the sum of consolidated net debt plus total equity and less accumulated other comprehensive income or loss not greater than 0.6 times and a ratio of consolidated net debt to EBITDA not greater than 3.5 times.
J.P. Morgan Securities LLC, Citigroup Global Markets Inc. and U.S. Bank NA acted as joint lead arrangers and joint bookrunners. JPMorgan Chase Bank, NA acted as agent, and Citibank, NA and U.S. Bank acted as co-syndication agents. Mizuho Bank, Ltd., Wells Fargo Bank, NA, Barclays Bank plc and Royal Bank of Canada were the co-documentation agents.
Snap-on is a Kenosha, Wis.-based designer, manufacturer and marketer of high-end tools and equipment.
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