Fastenal increases revolver to $835 million, extends to 2027

Chicago, Sept. 30 – Fastenal Co. amended its revolving credit agreement with Wells Fargo Bank, NA on Sept. 28 to increase the commitment to $835 million, according to an 8-K filing with the Securities and Exchange Commission.

There is also an uncommitted accordion for an additional $365 million.

The maturity date has been extended to Sept. 28, 2027.

Interest is now based on SOFR. There are only two pricing tiers, and interest is SOFR plus 95 basis points at both tiers. The commitment fee, based on utilization, is 10 bps or 12.5 bps.

Wells Fargo Securities, LLC and PNC Bank, NA are the joint lead arrangers and bookrunners.

The company also amended its existing master note agreement with Metropolitan Life Insurance Co., NYL Investors LLC and PGIM, Inc. and some other purchasers to increase the aggregate principal amount of notes outstanding to up to $900 million.

The amendment also extends the issue period during which the company may issue, in a private placement, senior promissory notes of the company to Sept. 28, 2027. The benchmark has also been changed to SOFR for the notes.

Winona, Minn.-based Fastenal is a supplier of fasteners and other industrial products.

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