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Airgas gets amended $875 million five-year dollar revolver
By Susanna Moon
Chicago, Nov. 20 – Airgas, Inc. obtained an amended $875 million five-year dollar revolving credit line on Tuesday, according to an 8-K filing with the Securities and Exchange Commission.
The credit line has a $100 million dollar letter-of-credit sublimit and a $75 million dollar swingline sublimit and a $125 million dollar-equivalent multi-currency revolving credit line.
The revolving credit line may be upsized by another $500 million, provided that the multi-currency revolving credit line may not be increased by more than another $50 million, the filing noted.
Interest on the loans is initially Libor plus 125 basis points with an unused fee of 15 bps. The spread ranges from Libor plus 100 bps to 175 bps based on the company’s ratings. The unused fee ranges from 10 bps to 25 bps.
Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Ltd., HSBC Securities (USA) Inc., U.S. Bank NA and Wells Fargo Securities LLC are the joint lead arrangers and co-bookrunners.
Bank of America, NA is the administrative agent.
Bank of Tokyo-Mitsubishi UFJ, HSBC Bank USA, NA, U.S. Bank NA and Wells Fargo Bank, NA are the co-syndication agents. Credit Agricole CIB, Goldman Sachs Bank USA, Mizuho Bank, Ltd., PNC Bank, NA and Sumitomo Mitsui Banking Corp., New York are the co-documentation agents.
The amended facility extends the maturity date to Nov. 18, 2019 from July 19, 2016 and reduces the commitment fee.
The amended agreement also increased the basket sizes under some of the negative covenants.
At closing, the company said it had borrowings under the amended agreement of €11.4 million, £23 million and C$7 million. The company also has $387.7 million of commercial paper outstanding.
Airgas is a maker of specialty and industrial gases and is based in Radnor, Pa.
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