W.W. Grainger gets $750 million five-year replacement revolver

By Marisa Wong

Morgantown, W.Va., Oct. 10 – W.W. Grainger, Inc. entered into a $750 million five-year syndicated revolving credit facility agreement on Oct. 6, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

U.S. Bank NA, Wells Fargo Securities, LLC and JPMorgan Chase Bank, NA are joint lead arrangers and joint bookrunners with U.S. Bank as administrative agent, Wells Fargo Bank, NA and JPMorgan Chase Bank as co-syndication agents and Bank of America, NA and Royal Bank of Canada as co-documentation agents.

The credit facility may be increased from time to time up to $1,125,000,000.

The facility matures on Oct. 6, 2022, subject to a one-time one-year extension.

Borrowings will bear interest at Libor (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 57.5 basis points to 102.5 bps.

The facility fee, also based on ratings, ranges from 5 bps to 10 bps.

The facility replaces the company’s former $900 million unsecured revolver dated Aug. 22, 2013, which was set to mature on Aug. 22, 2018. The 2013 facility was terminated on Oct. 6.

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

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