| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers W > Headlines for Whirlpool Corp. > News item |
Whirlpool amends facility with JPMorgan, increasing size to $2 billion
By Jennifer Chiou
New York, Sept. 26 – Whirlpool Corp. entered into an amendment to its long-term credit agreement with JPMorgan Chase Bank, NA as administrative agent, lifting the aggregate amount to $2 billion from $1,725,000,000, according to an 8-K filing with the Securities and Exchange Commission.
The Royal Bank of Scotland plc, BNP Paribas and Citibank, NA acted as syndication agents.
The amendment restated and extended the company’s existing five-year credit facility, which was scheduled to mature on June 28, 2016.
The long-term facility may be increased to up to $2.5 billion. It will mature on Sept. 26, 2019.
Borrowings will bear interest at Libor plus 125 bps. There is an unused commitment fee of 15 bps.
Whirlpool also entered into a short-term credit agreement also with JPMorgan Chase Bank as administrative agent. RBS, BNP Paribas and Citibank are syndication agents with J.P. Morgan Securities LLC, RBS Securities Inc., BNP Paribas Securities Corp., and Citigroup Global Markets Inc. as joint lead arrangers and joint bookrunners.
The filing noted that the 364-day facility is a revolving credit facility in an aggregate amount of $1 billion.
The short-term credit agreement has a maturity date of Sept. 25, 2015.
Borrowings will bear interest at Libor plus 125 bps, and the unused fee is 12.5 bps.
Whirlpool must maintain, among other things, a rolling 12-month maximum leverage ratio limited to 3.25 to 1.0 for each fiscal quarter and a rolling 12-month interest coverage ratio required to be greater than or equal to 3.0 to 1.0 for each fiscal quarter.
The major home appliance manufacturer is based in Benton Harbor, Mich.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.