Acuity Brands gets $250 million five-year revolving credit facility

By Angela McDaniels

Tacoma, Wash., Aug. 28 – Acuity Brands, Inc. entered into a new $250 million revolving credit facility on Wednesday, according to an 8-K filing with the Securities and Exchange Commission.

The maturity date is Aug. 27, 2019.

The initial interest rate is Libor plus 110 bps, and the initial facility fee is 15 bps. The margin over Libor ranges from 100 bps to 157.5 bps, and the facility fee ranges from 12.5 bps to 30 bps. Both depend on the company’s leverage ratio.

J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners and lead arrangers. JPMorgan Chase Bank, NA is the administrative agent. Wells Fargo Bank, NA is the syndication agent. Bank of America, NA, Branch Banking and Trust Co. and KeyBank NA are the documentation agents.

The revolver contains financial covenants that cap the company’s ratio of total debt to EBITDA at 3.5 to 1.0 and require it to maintain a minimum interest coverage ratio of 2.5 to 1.0.

In connection with the new revolver, the company terminated its $250 million five-year revolver dated Jan. 31, 2012 with JPMorgan as administrative agent. This credit facility would have expired on Jan. 31, 2017.

Atlanta-based Acuity Brands makes lighting fixtures.

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