Stanley Black & Decker gets $1.75 billion five-year revolving loan

By Wendy Van Sickle

Columbus, Ohio, Dec. 22 – Stanley Black & Decker, Inc. entered into a five-year $1.75 billion revolving credit agreement on Dec. 18, amending and restating an agreement dated June 27, 2013 with Citibank, NA as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.

Borrowings may be made in dollars, euros or pounds sterling and accrue interest at Libor plus a margin of 87.5 basis points to 150 bps, depending on the company’s credit rating.

The commitment fee, also based on credit rating, ranges from 6 bps to 15 bps.

The agreement matures Dec. 18, 2020 and has two one-year extension options.

Citigroup Global Markets Inc., Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities, LLC acted as lead arrangers and bookrunners and Bank of America, NA as syndication agent.

Proceeds are to be used for general corporate purposes.

The New Britain, Conn.-based company provides hand tools, power tools and accessories, industrial tools and automotive tools and equipment, mechanical access solutions, electronic security solutions and technology-based (engineered) fastening systems.

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