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Pool gets expanded $750 million five-year loan at Libor plus 112.5 bps
By Susanna Moon
Chicago, Oct. 2 – Pool Corp. said it expanded its senior credit facility to $750 million from $465 million and extended the maturity date to Sept. 29, 2022 while improving pricing terms, according to an 8-K filed Friday with the Securities and Exchange Commission.
Interest on the loans will initially be Libor plus 112.5 basis points, with the spread ranging from 102.5 bps to 142.5 bps based on leverage. The facility fee is initially 12.5 bps and ranges from 10 bps to 20 bps.
The company entered into the amended credit agreement on Sept. 29 with Wells Fargo Bank, NA as the joint lead arranger and administrative agent, and Bank of America, NA, MUFG Union Bank, NA, Capital One, NA, Regions Bank and BB&T Capital Markets as the joint lead arrangers and syndication agents.
The amended facility also increases the Canadian and euro loan sublimits, each to $30 million from $20 million, and revises the swingline sublimit to $40 million from $25 million.
Fifth Third Bank, JPMorgan Chase Bank, NA, Industrial and Commercial Bank of China Ltd. and the Bank of East Asia Ltd. are also lenders.
“Increasing our credit facility capacity supports our ongoing growth, while deploying an efficient weighted average cost of capital,” Manuel Perez de la Mesa, president and chief executive officer, said in a company press release.
Added Mark W. Joslin, senior vice president and chief financial officer: “The increased capacity allows us to efficiently manage our capital structure and provides us the added flexibility to operate our business effectively.”
Pool is a Covington, La.-based wholesale distributor of swimming pool and related backyard products.
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