Daily News: October 3, 2017

Wells Fargo Upsizes Pool Corporation Facility to $750MM

Pool Corporation amended its existing senior credit facility, increasing the borrowing capacity to $750 million from $465 million. Wells Fargo was administrative agent and joint lead arranger.

“Increasing our credit facility capacity supports our ongoing growth, while deploying an efficient weighted average cost of capital,” said Manuel Perez de la Mesa, president and CEO.

Other amendments of note include extending the maturity date to September 29, 2022 and improving pricing across borrowing tiers.

Bank of America, MUFG Union Bank, Capital One, Regions Bank and BB&T Capital Markets were joint lead arrangers and syndication agent. Fifth Third Bank, JPMorgan Chase Bank, Industrial and Commercial Bank of China and the Bank of East Asia came in as new participants to the facility.

“We are pleased with the overwhelming response to our request for additional capacity and appreciate the cooperation of participating institutions. The increased capacity allows us to efficiently manage our capital structure and provides us the added flexibility to operate our business effectively,” said Mark W. Joslin, SVP and CFO.

POOLCORP is a wholesale distributor of swimming pool and related backyard products.