The Middleby Corporation, a manufacturer of equipment for commercial foodservice, residential kitchens and food processing entered into a new five-year $2.5 billion multi-currency senior revolving credit agreement, with the potential under certain circumstances to increase to $3 billion.

According to a related 8-K, Bank of America served as administrative agent, issuing lender and swing line lender. JPMorgan Chase, Wells Fargo and PNC served as co-syndication agents. Citizens Bank, U.S. Bank, Bank of Montreal and HSBC Bank USA served as co-documentation agents. Merrill Lynch, JPMorgan, Wells Fargo Securities and PNC Capital Markets served as joint lead arrangers and joint book managers.

This facility replaces the company’s pre-existing $1.25 billion senior revolving credit facility, which had an original maturity of August 2017. The new facility bears an interest rate of LIBOR plus a margin of 1.50%, which is adjusted quarterly based upon the company’s leverage ratio. The new facility provides for availability to fund acquisitions and share repurchases so long as the company maintains certain financial ratios.