Graybar sets up $100 million note placement shelf with MetLife

By Devika Patel

Knoxville, Tenn., Sept. 22 – Graybar Electric Co., Inc. announced it entered into an uncommitted $100 million private placement shelf agreement with Metropolitan Life Insurance Co. and MetLife Investment Advisors, LLC.

The facility is expected to allow Graybar to issue senior promissory notes to MetLife and its affiliates at fixed or floating rate economic terms to be agreed upon at the time of any issuance during a three-year issuance period ending in September 2019.

The company will select the term of each note, not to exceed 12 years, or 10 years for floaters. Floating-rate note interest rates will be based on Libor.

Graybar has not yet issued any notes under the shelf agreement.

Proceeds will be used for general corporate purposes, including working capital and capital expenditures, to refinance debt and for potential acquisitions.

St. Louis-based Graybar distributes electrical, communications and data networking products and provides related supply chain management and logistics services.

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