Daily News: January 20, 2017

Citibank Agents $1.25B Facility for Stanley Black & Decker


Stanley Black & Decker entered into a 364-day credit agreement consisting of a $1.25 billion revolving credit loan with a sub-limit of an amount equal to euro equivalent of $400 million.

According to a related 8-K filing, Citibank served as administrative agent for the transaction. Citigroup Global Markets, Goldman Sachs Bank USA and Wells Fargo Securities were lead arrangers and book runners. Goldman Sachs Bank USA and Wells Fargo served as syndication agents.

Borrowings under the revolving credit loan may be made in U.S. dollars or euros. Borrowings under the swing line advances shall be made in euros, pursuant to the terms of the credit agreement. Borrowings under the revolving credit loan bear interest at a floating rate or rates equal to, at the option of the company, the eurocurrency rate or the base rate, plus the applicable margin specified in the credit agreement. Swing line advances bear interest at the overnight rate plus the applicable margin specified in the credit agreement.

Last week, Stanely purchased the Craftsman line of tools from Sears for $900 million.