W.W. Grainger enters into $300 million four-year term loan

By Marisa Wong

Madison, Wis., May 9 - W.W. Grainger, Inc. entered into a $300 million four-year term loan on May 8, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The amount of the loan may be increased to $450 million.

The maturity date is Nov. 30, 2016.

Interest is equal to Libor plus 100 basis points to 200 bps, depending on the company's debt ratings.

U.S. Bank NA is the lead arranger, bookrunner and administrative agent for the facility. Northern Trust Co. and Wells Fargo Bank, NA are co-syndication agents.

According to the filing, the loan does not contain any financial covenants, but there are non-financial covenants that relate to the company's size and credit quality.

Proceeds will be used primarily to refinance existing debt and for general corporate purposes.

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

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