Tech Data restates credit agreement for $500 million revolver due 2020

By Marisa Wong

Morgantown, W.Va., Nov. 6 – Tech Data Corp. entered into an amended and restated credit agreement on Nov. 5 for a $500 million revolving credit facility due Nov. 5, 2020, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement replaces the company’s credit agreement entered into on Sept. 27, 2011.

The restated credit facility may be increased up to $750 million.

Interest is equal to Libor plus an applicable margin based on the company’s non-credit enhanced senior unsecured debt rating. The exact margins were not disclosed in the 8-K filing.

The credit agreement includes maximum debt to capitalization ratio and minimum interest coverage covenants.

Merrill Lynch, Pierce, Fenner & Smith, Inc., Citigroup Global Markets, Inc. and J.P. Morgan Securities LLC are the joint lead arrangers with Bank of America, NA as administrative agent, Citibank NA and JPMorgan Chase Bank, NA as co-syndication agents and Suntrust Bank, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi UFJ, Ltd., U.S. Bank NA, Unicredit Bank AG and HSBC Bank USA, NA as co-documentation agents.

Tech Data is a technology products distribution company based in Clearwater, Fla.

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