WD-40 lifts revolver to $150 million, extends to 2025

By Wendy Van Sickle

Columbus, Ohio, March 19 – WD-40 Co. amended and restated its unsecured credit agreement on Monday with Bank of America, NA, increasing revolving commitments to $150 million from $100 million, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also increases the sublimit available for borrowing by WD 40 Co. Ltd., a wholly owned subsidiary of the company for Europe, the Middle East, Africa and India, to $100 million from $50 million.

Also, the amendment modifies certain restrictive covenants. An exception to a prohibition on Investments has been added to allow for intercompany loans or advances from any loan party to subsidiaries that are not loan parties in a total amount of up to $5 million outstanding at any time.

The amended and restated credit agreement includes a new schedule of permitted consolidated capital expenditures to permit the company to make contemplated capital investments in the current and future fiscal years of up to $30.5 million in fiscal year 2020, $19 million in fiscal year 2021, and $15 million for fiscal years 2022, 2023, 2024 and 2025.

The new maturity date is March 16, 2025.

Borrowings bear interest at Libor plus 90 basis points, and there is a commitment fee of 15 bps.

WD-40 is a San Diego maker of lubricants, hand cleaners and household cleaners.

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