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Rockwell gets $900 million bridge agreement, $1.2 billion revolvers
By Tali David
Minneapolis, Sept. 27 - Rockwell Collins, Inc. entered into a $900 million 364-day senior unsecured bridge credit agreement on Sept. 24, according to an 8-K filed Friday with the Securities and Exchange Commission.
The bridge credit agreement has a coupon of Libor plus 87.5 basis points to 112.5 bps for the first quarter, 112.5 bps to 137.5 bps for the second quarter, 137.5 bps to 162.5 bps for the third quarter, and 162.5 bps to 187.5 bps for the last quarter. The actual margin depends on the company's unsecured long-term debt rating.
Citibank, NA is the administrative agent, JPMorgan Chase Bank, NA is syndication agent, Bank of America, NA and Wells Fargo Bank, NA are co-documentation agents, and Citigroup Global Markets Inc. is the sole lead arranger and sole bookrunner.
Proceeds will be used to finance a portion of the purchase price of a previously announced acquisition of Arinc Inc. and to pay related transaction fees and expenses.
Also on Sept. 24, Rockwell entered into a $1 billion five-year senior unsecured revolving credit agreement and $200 million 364-day senior unsecured revolving credit agreement.
JPMorgan Chase is administrative agent, and Citibank is syndication agent. Credit Agricole Corporate & Investment Bank, Mizuho Bank Ltd., Bank of New York Mellon, U.S. Bank NA and Wells Fargo are co-documentation agents. Citigroup and J.P. Morgan Securities LLC are joint lead arrangers and bookrunners.
Borrowings under the five-year revolver will bear interest at Libor plus 68 bps to 110 bps, and borrowings under the 364-day revolver will bear interest at Libor plus 71 bps to 117 bps. In each case, the exact margin will be based on the company's unsecured long-term debt ratings.
Based in Cedar Rapids, Iowa, Rockwell Collins designs, produces and supports communications and aviation electronics for military and commercial customers.
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