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Whirlpool $2.5 billion facility combines long-term, 364-day facilities
By Wendy Van Sickle
Columbus, Ohio, May 17 – Whirlpool Corp. entered into a five-year third amended and restated long-term credit agreement on Tuesday, providing for total borrowing capacity of $2.5 billion, according to an 8-K filing with the Securities and Exchange Commission.
The agreement combines amounts previously available under Whirlpool’s original long-term facility and its terminated 364-day facility, the filing noted.
JPMorgan Chase Bank, NA, BNP Paribas Securities Corp., Citigroup Global Markets Inc. and Mizuho Bank, Ltd. acted as joint lead arrangers and joint bookrunners with JPMorgan as administrative agent and Citibank, NA as syndication agent.
Current interest is Libor plus 112.5 basis points, and the commitment fee is 12.5 bps, both based on the company’s debt rating.
The amended facility matures May 17, 2021. It restates in its entirety the company’s existing second amended and restated long-term credit agreement dated Sept. 26, 2014 and replaces the full borrowing capacity of the 364-day facility, which was terminated.
Covenants of the amended facility include a maximum debt to capitalization ratio of 0.6 times and a minimum interest coverage ratio of 3 times.
Collectively, the $2.5 billion amended long-term facility, a €250 million European facility added in July 2015 and committed credit facilities in Brazil of about $281 million provide Whirlpool with total committed credit facilities of about $3 billion.
Whirlpool said in the filing it believes these facilities are sufficient to support its global operations.
The major home appliance manufacturer is based in Benton Harbor, Mich.
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