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Fortive enters $1.3 billion 364-day delayed-draw term loan
By Wendy Van Sickle
Columbus, Ohio, Dec. 12 – Fortive Corp. entered on Dec. 7 into a credit agreement providing for a $1.3 billion 364-day delayed-draw term loan with Sumitomo Mitsui Banking Corp. as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.
No borrowings were drawn at closing, and the company may draw on the term loan agreement in up to three advances until March 31, 2024. If drawn, the proceeds will be used to refinance all or a portion of the $1 billion principal amount outstanding under the company’s existing term loan, which expires on Dec. 14, to finance acquisitions and/or for working capital and general corporate purposes.
Borrowings bear interest at term SOFR plus a margin ranging from 75 basis points to 125 bps, depending on ratings. There is a ticking fee of 6.5 bps to 15 bps, depending on ratings.
Repayment of any principal borrowed and all accrued interest would be due no later than Dec. 12, 2024.
BofA Securities, Inc., Sumitomo Mitsui and BNP Paribas are the joint lead arrangers and bookrunners.
Fortive is an industrial growth company based in Everett, Wash.
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