Daily News: November 29, 2017

BofA Provides $2.29B Term Loan for Univar

Univar and its wholly-owned subsidiary, Univar USA, entered into an amended credit agreement with Bank of America and other lenders to provide a new term B loan facility in an aggregate principal amount of $2.28 billion. This agreement will replace all of the company’s U.S. dollar loans and $96.3 million of euro loans outstanding under its previous credit agreement dated July 1, 2015.

The amended term loan facility will reduce the company’s interest rate from LIBOR + 2.75% to LIBOR + 2.50%. This rate will be further reduced to LIBOR + 2.25% when the company’s total net leverage falls below 4.0. The maturity date will be extended from July 2022 to July 2024.

There was no material change to the covenants or to Univar’s total or secured leverage as a result of this transaction.

Founded in 1924, Univar is a global chemical and ingredients distributor and provider of value-added services, working with leading suppliers worldwide.