Rollins enters $250 million term loan, $175 million line of credit

By Wendy Van Sickle

Columbus, Ohio, May 3 – Rollins, Inc. entered on April 30 into a five-year credit agreement providing for a $250 million term loan facility and an unsecured line of credit of up to $175 million, according to an 8-K filing with the Securities and Exchange Commission.

SunTrust Bank acted as administrative agent and a lender, and Bank of America, NA was syndication agent and a lender.

The line of credit has a $75 million letter-of-credit subfacility, a $25 million swingline subfacility and a multicurrency feature with a $100 million alternative currency sublimit.

Borrowings will bear interest at Libor plus 75 basis points to 100 bps based on Rollins’ debt-to-EBITDA ratio.

Under the agreement, Rollins’ consolidated debt to EBITDA may not to exceed 3 to 1.

Each tranche matures on April 30, 2024.

At closing, the company borrowed the full term loan amount and $100 million under the line of credit.

The Atlanta-based pest and termite control company said that the agreement is guaranteed by some of its domestic subsidiaries.

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