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Stanley Black & Decker enters $1.25 billion 364-day revolver
By Marisa Wong
Morgantown, W.Va., Dec. 21 – Stanley Black & Decker, Inc. entered into a 364-day credit agreement on Dec. 20 for a $1.25 billion revolving credit loan, according to an 8-K filing with the Securities and Exchange Commission.
Citigroup Global Markets Inc., JPMorgan Chase Bank, NA, Merrill, Lynch, Pierce, Fenner & Smith Inc. and Wells Fargo Securities, LLC are lead arrangers and bookrunners; Citibank, NA is administrative agent; and JPMorgan Chase Bank, Bank of America, NA and Wells Fargo Bank, NA are syndication agents.
Borrowings may be made in dollars or euros. The credit facility also includes a sub-limit for euro-denominated swingline advances in an amount equal to the euro equivalent of $400 million.
Borrowings bear interest at a floating rate based on the one-year credit default swap mid-rate spread, subject to a floor and cap. The applicable margin is subject to a floor ranging from 25 basis points to 75 bps, depending on ratings. The cap ranges from 87.5 bps to 150 bps, based on ratings.
The commitment fee ranges from 3 bps to 12 bps, also depending on ratings.
Advances must be repaid by the earlier of Dec. 19, 2018 and the date the company terminates the facility commitments in whole. The company may, however, convert all advances outstanding on the termination date into a term loan due one year from the termination date.
The credit agreement requires maintenance of an interest coverage ratio.
Loan proceeds may be used for general corporate purposes.
The credit facility was undrawn at closing.
In connection with the new credit agreement, the company terminated its 364-day credit agreement dated Jan. 18, 2017.
Stanley Black & Decker is a New Britain, Conn.-based maker of industrial tools and household hardware.
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