SiteOne Landscape borrows $100 million under ABL credit facility

By Sarah Lizee

Olympia, Wash., April 1 – SiteOne Landscape Supply, Inc. borrowed about $100 million under its $375 million asset-based credit facility on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The draw results in about $319 million outstanding and approximately $46 million in available capacity under the facility.

The company elected to borrow the amount as a precautionary measure in order to increase its cash position and preserve financial flexibility in light of current uncertainty in the global markets resulting from the Covid-19 pandemic.

The drawdown proceeds will be held on the company’s balance sheet.

The company does not currently have plans to deploy the new funds other than seasonal investments in working capital.

Borrowings under the ABL facility are scheduled to mature on Feb. 1, 2024.

UBS AG, Stamford Branch is the administrative agent.

SiteOne is a Roswell, Ga.-based distributor of wholesale irrigation, landscape lighting, nursery, hardscapes, maintenance products and supplies for the green industry.

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