Motorola obtains $2.2 billion five-year revolving credit facility

By Wendy Van Sickle

Columbus, Ohio, April 27 – Motorola Solutions, Inc. entered into a new $2.2 billion five-year revolving credit agreement on April 25, according to an 8-K filing with the Securities and Exchange Commission.

The revolver has a $500 million sublimit for letters of credit and matures on April 24, 2022.

There is a $550 million accordion feature.

Borrowings bear interest at Libor plus a margin ranging from 100 basis points to 200 bps, and the commitment fee ranges from 10 bps to 30 bps, both depending on ratings.

JPMorgan Chase Bank, NA, Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Bank of America Merrill Lynch and Goldman Sachs Bank USA acted as joint lead arrangers and bookrunners.

Citibank NA is the syndication agent; Deutsche Bank, Bank of America, NA and Goldman Sachs are the documentation agents. JPMorgan is the administrative agent.

Financial covenants include a maximum leverage ratio.

Proceeds will be used for general corporate purposes.

Motorola is a telecommunications company based in Schaumburg, Ill.

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