Dollar General obtains $2 billion amended, restated revolver

By Wendy Van Sickle

Columbus, Ohio, Dec. 3 – Dollar General Corp. entered into an unsecured amended and restated credit agreement on Dec. 2 with Citibank, NA as administrative agent, providing for a $2 billion five-year revolver, according to an 8-K filing with the Securities and Exchange Commission.

Citibank, BofA Securities, Inc., U.S. Bank NA and Wells Fargo Securities, LLC are joint lead arrangers and joint bookrunners.

Bank of America, NA is syndication agent, and Fifth Third Bank, Goldman Sachs Lending Partners LLC, JPMorgan Chase Bank, NA, PNC Bank, NA, Regions Bank, Truist Bank, U.S. Bank and Wells Fargo are co-documentation agents.

Up to $100 million is available for letters of credit.

The revolver also includes borrowing capacity available for swingline loans.

The company has the right at any time to request increased revolving commitments in an aggregate amount of up to $500 million.

The company also has the right, subject to some limitations and conditions, to request extensions of the termination date.

At closing, interest is Libor plus 101.5 basis points and the commitment fee rate is 11 bps. The margin over Libor varies from 79.5 bps to 132.5 bps and the commitment fee ranges from 8 bps to 17.5 bps, in each case depending on ratings. The credit agreement contains Libor-replacement provisions.

The credit agreement also contains financial covenants that require the maintenance of a minimum fixed charge coverage ratio and a maximum leverage ratio.

Based in Goodlettsville, Tenn., Dollar General is a discount retailer.

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