W.W. Grainger enters $1.25 billion five-year replacement revolver

By Wendy Van Sickle

Columbus, Ohio, Oct. 12 – W.W. Grainger, Inc. entered into a $1.25 billion five-year syndicated revolving credit facility agreement on Wednesday, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA, BofA Securities, Inc., RBC Capital Markets, LLC, U.S. Bank NA and Wells Fargo Securities, LLC are joint lead arrangers and joint bookrunners with JPMorgan as administrative agent, U.S. Bank, Bank of America NA, Wells Fargo Bank, NA and RBC as co-syndication agents and Lloyds Bank Corporate Markets plc and PNC Bank, NA as co-documentation agents.

The credit facility may be increased from time to time up to $1,875,000,000.

The facility matures on Oct. 11, 2028, subject to two one-year extensions.

Borrowings will bear interest at adjusted term SOFR, or CDOR for Canadian dollar-denominated loans, plus a margin based on the company’s non-credit-enhanced senior unsecured long-term debt rating. The applicable margin ranges from 58 basis points to 102.5 bps.

The facility fee, also based on ratings, ranges from 4.5 bps to 10 bps.

The facility replaces the company’s former $1.25 billion unsecured revolver dated Feb. 14, 2020, which was set to mature on Feb. 14, 2025.

Proceeds may be used for general corporate purposes.

The industrial supply company is based in Lake Forest, Ill.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.