Pool upsizes to $1 billion, adding new $250 million delayed-draw loan

By Wendy Van Sickle

Columbus, Ohio, Sept. 29 – Pool Corp. entered into a second amended and restated credit agreement on Monday with Wells Fargo Bank, NA as administrative agent, according to an 8-K filed with the Securities and Exchange Commission.

The restated credit agreement provides for a new $250 million delayed-draw term loan in addition to the existing $750 million credit facility.

The term loan may be drawn until March 25, 2022.

Any such loans would require quarterly amortization payments of 20% of the original principal amount during the third, fourth and fifth years of the loan, with all remaining principal due on Sept. 25, 2026.

The existing revolver was also extended to Sept. 25, 2026 from Sept. 29, 2022.

The option for incremental commitments was increased to $250 million from $75 million.

Interest will initially be Libor or CDOR plus 91 basis points to 142.5 bps, with the spread based on leverage. The leverage-based facility fee ranges from 9 bps to 20 bps.

Financial covenants include maintenance of a maximum average total leverage ratio and a minimum fixed-charge coverage ratio consistent with the previous facility.

Wells Fargo Securities, LLC, BofA Securities, Inc., Capital One, NA, Regions Capital Markets and Truist Securities, Inc. are the joint lead arrangers and bookrunners. Bank of America, NA, Capital One and Truist are the syndication agents.

Pool is a Covington, La.-based wholesale distributor of swimming pool and related backyard products.

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