Fastenal arranges $125 million revolver due 2015 via Wells Fargo

By Toni Weeks

San Diego, Dec. 19 - Fastenal Co. arranged a $125 million unsecured revolving credit facility on Dec. 13 with Wells Fargo Bank, NA as administrative agent, initial lender, swingline lender and issuing lender, according to an 8-K filed Wednesday with the Securities and Exchange Commission.

The facility, which matures Dec. 13, 2015, includes a committed letter-of-credit subfacility of $40 million and an uncommitted swingline subfacility of $10 million.

Borrowings bear interest at Libor 87.5 basis points. There is a commitment fee of 10 bps if the average quarterly utilization is at least 20% and of 12.5 bps if it is less than 20%. Swingline loans will not be considered usage when determining the commitment fee or the average unused portion, the filing noted.

In addition, there is a commission fee of 87.5 bps that is assessed on the amount available to be drawn under each letter of credit issued as well as an issuance fee equal to 0.075% of the face amount of each letter of credit issued.

The agreement requires the company to maintain its consolidated total leverage ratio at no more than 1 times and EBITDA at no less than $125 million.

Winona, Minn.-based Fastenal is an industrial supply company.

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