Textron gets commitment for $500 million to draw on or before July 24

By Tali Rackner

Minneapolis, Jan. 30 - Textron Inc. entered into a $500 million term credit agreement on Jan. 24 with JPMorgan Chase Bank, NA as administrative agent and Citibank, NA and Bank of America, NA as syndication agents, according to an 8-K filed with the Securities and Exchange Commission.

The Bank of Tokyo-Mitsubishi UFJ, Ltd. acted as documentation agent.

The company may draw on the facility on or prior to July 24.

Borrowings will bear interest at Libor plus 12.5 basis points to 100 bps with a 1% Libor floor, depending upon Textron's ratings. The current interest would be Libor plus 50 bps.

The undrawn commitment fee ranges from 12.5 bps to 30 bps. At Textron's current rating, the fee is 22.5 bps.

Textron is a Providence, R.I.-based company with aircraft, defense and intelligence, industrial and finance businesses.

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